Ethereum is breaking out following bitcoin's bullish momentum

On May 7, 2019, ethereum had a golden cross formed on the 1-day chart when the 100-day moving average crossed above the 200-day moving average.

The last time this bullish breakout pattern developed on ETH's 1-day chart was on Mar. 13, 2017, and it was followed by a 5,800 percent upward move that lasted almost a year.

A support level is a price point where the market valuation is more likely to bounce off as it falls while a resistance level is a price point where the price tends to be rejected as it rises.

These levels can be predetermined by multiple touches of the same price based on historical data.

On ether's 1-day chart, it seems there is an important resistance level around $191, which is the price range the cryptocurrency is trading at the moment.

If this level is broken to the upside, ETH could rise to the next resistance points which are $250, $380 and $520. Once a resistance level is broken, it becomes a support point and the same happens in the opposite direction.

If ethereum is not able to break above the current resistance level, it could fall back down to the closest support level which sits at $160. The next major level of support is at $125. An ascending triangle has formed on ETH's 1-day chart.

In the case of Ethereum, it seemed to have broken out of the triangle early in April, but later it pulled back to the $160 support level and now it seems to be breaking out once again.

Based on the 1-day chart, it seems like all the conditions are given for ethereum to break out.

The support levels previously mentioned could be used as stop-loss points while the resistance levels could be used to take profits.