Ethereum on a Tear as It Breaks New Yearly High

[MUGNIA]

The Ethereum (ETH) price has broken out from the $490 resistance area and has touched a new yearly high. However, ETH is approaching a crucial long-term resistance level which is likely to cause some resistance.

Ethereum’s Long-Term Levels
The Ethereum price has rallied significantly since a sharp drop in March that briefly sent the price below $100. While the price suffered another drop on Sept 4, it has regained all of its losses.

The price is currently approaching a significant resistance level at $545. The area is both a horizontal resistance area and the 0.618 Fib retracement level of the most recent drop.

Furthermore, if the move since Nov 2018 is an A-B-C correction (shown in white below), a likely top for the move would be around $535, the 1.61 Fib level of wave A.

more : https://beincrypto.com/ethereum-on-a-tear-as-it-breaks-new-yearly-high/