There are plenty of things for us Americans to be thankful for. One of those is ETH making a new all time high just a few hours ago. Happy Thanksgiving indeed!
A Move Higher After The Triangle Breakout
Looking at the daily chart of Ethereum below you will see the big triangle pattern it was in for some time before finally breaking out to the upside.
That provide us with a good probability that ETH would make a leg higher with the target being the previous top just shy of $400, which just happened to be not far off from the all time high of $420.
ETH breached $400 a few hours ago and touched a new high of $428 before pulling back a bit to see the candle close just above $400
Expectations
Well, given ETH has pretty much gone straight up $100 on this recent move there could be some consolidation here.
Ideally we want to see the price remain above $400 as that is basically the top of the long term-range ETH was in.
If ETH can consolidate above $400 then it will be poised to push higher and $400 will be a new support. We shall see what the coming days bring.
Best Regards,
Disclaimer: Content in this post is my opinion only.