Ethereum has been trading inside a channel in the last two weeks. With $140 upper resistance line and $130 support line. Also, it is trading above the moving averages which is quite positive.
Our trading idea based on a breakout above the resistance line. If the price penetrates the $140 level and closes above it , it will give us a trading opportunity to open long postion with the first target around $167.
However, Ethereum will find strong support at $130 level since the 50 day EMA is at the same level and just below it you will find the 100 day SMA, therefore any dips to this level will be bought by the bulls.
