Ethereum Set to Extend Its Rally

Ethereum Rally Set to Continue

After hitting an all-time high of $2,041 on 20 February, Ethereum fell a victim to some short-term profit taking. As the selling pressure intensified, the crypto currency sold off to a local low of $1,293, where it found support around the 61.6% Fibo correction of the whole rise from $905.

The impulsive move that followed in the next days easily broke through the $1,660 static resistance and took the digital currency all the way up to $1,879. This development fuels our expectations for this strong up move to extend further to the all-time high at $2,042, for an initial test. An eventual breakout there will take Ethereum to $2,400 and beyond.

For this bullish scenario to prevail, the crypto needs to keep trading above the firm $1,293 support.

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