Our bullish view on Ethereum was validated yesterday, as price closed above the 20-day EMA and the resistance line of the descending channel. The move should now extend to the 50-day SMA.
This is the first time that the ETH/USD pair has broken out of the resistance line of the descending channel, which is a bullish development. If the bulls succeed in breaking out of the $600 levels, the next move should be to $725 levels.
Any dip, as long as it stays above the $420 levels, can be used as a buying opportunity.