Ether has convincingly broken out of the confines of a falling channel and is currently priced at $157 on BitMEX – the highest level since Dec. 4.
With a strong move through the bearish channel resistance, ether has confirmed a bullish reversal from the negative trend that began from highs above $360 reached in June.
Confirming the bullish trend change is the famous RSI indicator, which is printing bullish levels above 50.
The cryptocurrency is eyeing immediate resistance at $158 (Nov. 29 high), which if breached with a daily close higher, could fuel the next leg higher.
On the downside, the daily low of $148 is key support – a break below this threshold would abort the immediate bullish bias. The outlook, however, would turn bearish only if the higher low of $125 established on January 3 is breached.