Ethereum Price Technical Analysis – ETH/USD Holding Key Support

While Bitcoin hits all-time highs again, the rest of the cryptocurrencies also record strong gains. Ethereum surpassed $350 while its market cap broke the $30 billion mark.

Ethereum price trajectory this year shows bitcoin is not the only cryptocurrency that gives incredible returns to its investors. The popular alternative cryptocurrency began this year below 10 dollars, but it has skyrocketed to 391 dollars on June 13.

For the past three days, Ethereum has been facing resistance at the downtrend line of the symmetrical triangle.

If the digital currency can breakout and close above this resistance line, it will become positive.

Its immediate targets are $395 and $421. However, I anticipate a breakout of both these overhead resistances. Hence, I suggest holding on to the 50 percent open positions initiated back at $315 levels.

Our present stop loss is way back at $315. Let’s protect some of the paper profits. You might want to raise the stop loss on the existing position to $330, which is just below the 20-day EMA