ETH/USD reached a new all-time high of 1,573.70 today and it seems strong enough to jump even higher. Technically, the crypto was expected to increase after a temporary consolidation.
Ethereum’s failure to drop deeper to retest the uptrend line signal strong buyers in the short term and indicates more gains ahead. I’ve told you in a previous analysis that ETH/USD should reach new historical highs if the BTC/USD will resume its upwards movement.
ETH/USD Flirts With Resistance Zone!
ETH/USD is traded above the 250% Fibonacci line and right under the up channel’s upside line. I’ve told you in my previous analysis that breaking above the first warning line (WL1) represents a great buying opportunity with a potential target at the channel’s upside line.
The price has ignored the first warning line (WL1) and the R1 (1,458) level and now it could hit the R2 (1,602) anytime.
Breaking and stabilizing above channel’s resistance and above the R2 (1,602) represents a strong bullish signal. Such a breakout could signal a larger upwards movement in the upcoming period.
The price could decline again only if it registers a false breakout above the immediate resistance levels, or if it prints a major bearish engulfing pattern.
ETH/USD Trading Scenario!
Buy a valid breakout (close and retest) above the R1 (1,602) and through the red upside line. The next upside targets are seen at R3 (1,727), R4 (1,854), and higher at R5 (1,980).
The material has been provided by InstaForex Company – www.instaforex.com
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