12-Hour Analysis:
Big Picture: Ethereum has broken out of the pattern and is once again moving higher. Furthermore, the recent lower consolidation has produced a durable bottoming structure that can support another breakout by breaking through the immediate barrier. Bulls are in an ideal position and are likely to propel Ethereum into an aggressive phase once more.
On the Upside As anticipated, the price easily surpassed 2280 and is currently challenging the 2320 resistance level. This level will be crucial, as breaking over it would send Ethereum into an entirely fresh hyper-move, with immediate targets of 2380 to 2405 levels, followed by 2480 to 2500 weekly levels in a much quicker fashion.
On the Downside Ethereum has a solid supporting base between 2260 to 2255. This was previously causing problems for the bulls, and the current breakout above this zone has quickly changed this range into an important level of support for Ethereum. This is the breakout range, and holding it keeps the bulls in control. Meanwhile, it remains unlikely, but if sellers are to reclaim their control, price must drop below 2255, which would push price back into 2220 and potentially 2180 to 2170 levels.
