ETH-USD broke above the upper limit of the previous range at $11.20 recently, confirming bullish momentum. Therefore, the market is now looking to establish further gains and participants should look to buy ETH-USD. A recent positive announcement from BTCS Inc. may enhance bullish sentiment for ether, as the company has enlarged its Ethereum mining operations by a factor of three. BTCS Inc.’s management believes it can expand on Ethereum mining with its experience and access to capital, helping the company to diversify away from bitcoin. Moreover, the decline of Ethereum Classic is intensifying, allowing ether to assert dominance.
The price of ether currently stands at $12.19995 on the Kraken exchange and the chart below illustrates the long-term outlook. The market managed to close higher than the most recent fractal sell level suggesting bullish momentum will dominate over the coming week. This is indicated on the chart below, where yesterday’s close was $12.23 above the fractal resistance at $11.58999. The next fractals providing resistance lie at $12.69 and $15.23. However, also notice that after a prolonged period of trading outside of the Ichimoku cloud, the market has now moved into the cloud, suggesting the