A few days ago in our Ichimoku cloud analysis on Ethereum, we mentioned that a break above the cloud resistance at $3.020 would provide a bullish signal. We also mentioned that it was key for bulls to hold above $2,740. A couple days later Ethereum broke resistance and is now trading around $3,340.
Ethereum is in a bullish trend. Price has broken out of the cloud and the tenkan-sen (red line indicator) is also trading above the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is also above the candlestick pattern and the Kumo. All signs confirm that trend has changed to bullish. Support is found at $3,088 and next at $2,900. The Kumo provides key support at $2,780. Bulls do not want to see price break below it.
