RATE Group | Ethereum Breakout Above $360 Means Sky’s the Limit, Believes Cryptocurrency Analyst
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Ethereum Breakout Above $360 Means Sky’s the Limit, Believes Cryptocurrency Analyst

19 Oct Ethereum Breakout Above $360 Means Sky’s the Limit, Believes Cryptocurrency Analyst

Posted at 00:28h in Ethereum News by

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Resistance areas are very significant in determining the scope of a cryptocurrency’s, such as Ethereum’s, price movements. Once a resistance area is broken, it is likely to act as support afterward — and vice versa. A breakout above a resistance area often triggers rapid price increases.

The Ethereum price was rejected by the $360 resistance area on June 27. A breakout above this area could trigger a rapid increase towards new highs. Until the breakout, ETH is likely to accumulate between the current price and the resistance area.

Cryptocurrency analyst @cryptodude stated that Ethereum is his favorite chart and will be remembered in the future as an essential chart.

He also outlined a resistance line at $360 that has been significant in both May-November 2017 and in June 2019. This might suggest that a breakout…

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