Ethereum Turns Bullish Update
* We always provide both the bullish and bearish scenarios because the traders should be aware of what to expect in both cases.
In our last analysis, We expected the next resistance zone will be the area between the 50-day SMA and the 200-day SMA. Now, Ethereum has broken out the 50-day SMA which is quite positive but still under 200-day SMA.
We believe that the bulls will start taking some profits around this area $590-$614. The trendline 1 will provide a strong support for any correction we may face.
Moreover, if the bulls succeed to break out the resistance zone mentioned above the next target will be around $750.
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns. It's my own analysis. You should conduct your own research when making a decision.