Ethereum has rallied significantly, breaking out of the range. We smashed through $1235, the upper bound of the range we have been maintaining for over a month, and shot past the next two levels above, at $1341 and $1424. We are in the middle of a vacuum zone to the next level after that at $1547. That would mark over a 50% rally from the base of the $1K handle which we have seen just 5 days ago. These returns have bested bitcoin by double digits, leaving traders wondering if this rally is here to stay or just a bull trap. So far the news seems to suggest this is a technical breakout. If we are able to maintain it, then $1547 is the next target, then $1653. If we retrace, we could easily drop back to the previous range between $1017 and $1235, so be careful.
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