{"id":104655,"date":"2019-05-11T11:40:05","date_gmt":"2019-05-11T18:40:05","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=104655"},"modified":"2019-11-07T02:43:54","modified_gmt":"2019-11-07T02:43:54","slug":"ethereum-break-out-following-bitcoins-bullish","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethereum-break-out-following-bitcoins-bullish\/","title":{"rendered":"Ethereum is breaking out following bitcoin&#8217;s bullish momentum"},"content":{"rendered":"<p><a href=\"http:\/\/cryptoslate.com\/coins\/bitcoin\">Bitcoin<\/a> recently hit <a href=\"https:\/\/cryptoslate.com\/bitcoin-breaks-6700-crypto-market-cracks-200-billion\/\">new highs<\/a> of $7,000 and altcoins are beginning to follow after several days of depreciation. One of those coins, <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ethereum<\/a>, has managed to surge 16 percent over the last 24-hours. Is there more bullish momentum to come?<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw\">$BTC<\/a> money will flow into <a href=\"https:\/\/twitter.com\/search?q=%24ALTS&src=ctag&ref_src=twsrc%5Etfw\">$ALTS<\/a> it&#39;s just a matter of time.<\/p>\n<p>I&#39;m honestly surprised how long we&#39;ve had so far&#8230;<\/p>\n<p>&mdash; The Crypto Dog? (@TheCryptoDog) <a href=\"https:\/\/twitter.com\/TheCryptoDog\/status\/1127023066616344581?ref_src=twsrc%5Etfw\">May 11, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Ethereum technical analysis<\/h2>\n<p>On the 1-day chart, multiple technical patterns are forming which could predict an upcoming major breakout.<\/p>\n<p>On May 7, 2019, ethereum had a <a href=\"https:\/\/cryptoslate.com\/ethereum-forming-bullish-technical-indicators\/\">golden cross formed<\/a> on the 1-day chart when the 100-day moving average crossed above the 200-day moving average. According to <a href=\"https:\/\/www.investopedia.com\/terms\/g\/goldencross.asp\">Investopedia<\/a>, this pattern is seen by many traders as the most definitive and strong buy signals that could start a long-term bull market.<\/p>\n<p>The last time this bullish breakout pattern developed on ETH\u2019s 1-day chart was on Mar. 13, 2017, and it was followed by a 5,800 percent upward move that lasted almost a year.<\/p>\n<figure id=\"attachment_104656\" aria-describedby=\"caption-attachment-104656\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-104656\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-golden-cross-1024x617.png\" alt=\"\" width=\"1024\" height=\"617\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-golden-cross-1024x617.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-golden-cross-300x181.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-golden-cross-768x463.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-golden-cross.png 1147w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-104656\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a><\/figcaption><\/figure>\n<p>A support level is a price point where the market valuation is more likely to bounce off as it falls while a resistance level is a price point where the price tends to be rejected as it rises. These levels can be predetermined by multiple touches of the same price based on historical data.<\/p>\n<p>On ether\u2019s 1-day chart, it seems there is an important resistance level around $191, which is the price range the cryptocurrency is trading at the moment. If this level is broken to the upside, ETH could rise to the next resistance points which are $250, $380 and $520. Once a resistance level is broken, it becomes a support point and the same happens in the opposite direction.<\/p>\n<p>If ethereum is not able to break above the current resistance level, it could fall back down to the closest support level which sits at $160. The next major level of support is at $125.<\/p>\n<figure id=\"attachment_104658\" aria-describedby=\"caption-attachment-104658\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-104658\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-support-resistance-1024x614.png\" alt=\"\" width=\"1024\" height=\"614\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-support-resistance-1024x614.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-support-resistance-300x180.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-support-resistance-768x460.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-support-resistance.png 1153w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-104658\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>An ascending triangle has formed on ETH\u2019s 1-day chart. This chart pattern is <a href=\"https:\/\/www.investopedia.com\/terms\/a\/ascendingtriangle.asp\">defined<\/a> by Investopedia as a continuation pattern that is confirmed once the price breaks above the top of the triangle. A target can be calculated by measuring the height of the triangle, which can be added to the breakout price.<\/p>\n<p>In the case of Ethereum, it seemed to have broken out of the triangle early in April, but later it pulled back to the $160 support level and now it seems to be breaking out once again.<\/p>\n<figure id=\"attachment_104659\" aria-describedby=\"caption-attachment-104659\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-104659\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-breakout-triangle-1024x571.png\" alt=\"\" width=\"1024\" height=\"571\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-breakout-triangle-1024x571.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-breakout-triangle-300x167.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-breakout-triangle-768x428.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-breakout-triangle.png 1153w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-104659\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>Based on the 1-day chart, it seems like all the conditions are given for ethereum to break out. Now, it may just be a matter of time before it does. The support levels previously mentioned could be used as stop-loss points while the resistance levels could be used to take profits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin recently hit new highs of $7,000 and altcoins are beginning to follow after several days of depreciation. One of those coins, ethereum, has managed to surge 16 percent over the last 24-hours. Is there more bullish momentum to come? $BTC money will flow into $ALTS it&#39;s just a matter of time. I&#39;m honestly surprised [&hellip;]<\/p>\n","protected":false},"author":148,"featured_media":104661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15323,6849],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum is breaking out following bitcoin&#039;s bullish momentum<\/title>\n<meta name=\"description\" content=\"Bitcoin recently hit new highs of $7,000 and altcoins are beginning to follow. 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One of those coins, Ethereum, surged 16 percent over the last 24-hours.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ethereum-break-out-following-bitcoins-bullish\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-11T18:40:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-07T02:43:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ethereum-breaking-out-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Martinez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ethereum is breaking out following bitcoin&#039;s bullish momentum\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Martinez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ethereum-break-out-following-bitcoins-bullish\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ethereum-break-out-following-bitcoins-bullish\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#person\",\"name\":\"Ali Martinez\",\"url\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"caption\":\"Ali Martinez\"},\"jobTitle\":\"Analyst\",\"description\":\"Ali came across Bitcoin\u2019s whitepaper in 2014. 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