Ethereum (ETH/USD) Eyes a Bullish Breakout

Ethereum is pushing higher and is set to test levels last seen in mid-September last year. The second largest cryptocurrency by market cap has tried and failed, to conclusively break above the $1,680 level over the last month, but the latest test looks more promising. A series of higher lows over the last month, combined with resistance around $1,680 has produced a bullish triangle pattern which is set to be broken as we near its apex.

In addition to the bullish triangle pattern, Ethereum is also being supported by the 20-day moving average (red line) while the 50-dma is set to break above the 200-dma to form a golden cross, a closely watched bullish signal. This crossover normally suggests a longer-term bullish market set-up is in place.

A confirmed break higher would leave the September swing high at $1,789 as the first target. Above here there is only minor price action protecting $2,031.

Ethereum Daily Price Chart – February 8, 2023

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