The last 24 hours has been pretty significant for ETH, where it has made a new high since May this year. Many traders are watching to see how it behaves around 500, which is proving to be a key psychological resistance.
However if you draw in the trendline on daily candlesticks, you will see it has broken through the downwards trend, came back down and successfully bounces off the trendline two days ago. And now it has made new recent highs.
Also note that it has within the past week:
- The recent low two days ago was higher than the 29 Jun low
- Yesterday’s high is higher than the previous recent 3 Jul high
Thus, ETH has successfully:
- Broke through the trendline and moving upwards
- Shown “Higher lows, higher highs”
This are the very key signs of the start of a long-term upwards trend, and could possibly end the downtrend that we have seen for the past half a year.
