Ethereum has finally broken to the upside, following weeks of sideways trading action for the ETH/USD pair.
Ethereum price analysis shows that the cryptocurrency could rally towards the $275.00 and possibly the $300.00 resistance level over the medium term.
ETH/USD medium-term price trend
Ethereum is trading at its highest level since early March, as a number of top altcoins start to break to the upside.
The ETH/USD pair has always been boosted by the BTC/USD pair’s recent strong advance above the $9,000 level.
Ethereum technical analysis shows that the ETH/USD pair is testing towards the top of a triangle pattern, around the $250.00 level.
The daily time frame shows that if the ETH/USD pair breaks past the $250.00 level then a powerful rally towards the $300.00 level could take place.
A bullish golden cross has also taken place on the daily time frame, which is generally considered to be a buy signal.
A golden cross occurs when the 50-day moving average crosses over the 200-day moving average.
Medium-term ETH/USD bulls are likely to buy dips towards the $220.00 level in anticipation of further gains towards the $300.00 level.
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ETH/USD short-term price trend
Ethereum technical analysis shows that the cryptocurrency is bullish over the short term while the price trades above the $210.00 level.
The four-hour time frame currently shows that a bullish inverted head-and-shoulders pattern has been activated.
Technical analysis shows that the neckline of the bullish pattern is located around the $226.00 level.
According to the size of the bullish pattern, the ETH/USD pair could rally towards the $275.00 level, if the pattern reaches its full upside potential.
Short-term traders may buy dips towards the $226.00 or $217.00 support areas.
ETH/USD technical summary
Ethereum technical analysis shows that the ETH/USD pair has finally broken from its established range. The $275.00 and $300.00 level are seen as possible upside targets.
