- A valid breakout above the R1 and through the WL3 suggests buying again!
Ethereum reached a new all-time high of $1,839 today and I believe that its upward movement is far from being over. You know from my analysis that ETH/USD increases if Bitcoin’s price continues to grow.
ETH/USD is very attractive for buyers even if it flirts with new record highs. More and more buyers want to step into the game and take part in the crypto market’s growth. This is one of the reasons why Ethereum continues to increase.
ETH/USD Flirts With New Historical Highs!
ETH/USD has managed to escape from the up channel’s body validating more gains. The upside breakout indicates that the price should resume its uptrend. It has come back to retest the Pivot Point (1,550) static support and the broken second warning line (WL2) before registering the current upside momentum.
It has climbed as much as 1,839 level where it has found a temporary resistance. Reaching the R1 (1,829) level could bring a minor retreat after the last rally. Still, the price could register only a temporary drop before jumping higher.
The R1 (1,829) and the third warning line (WL3) represent near-term resistance levels, upside obstacles. So, breaking above these levels could bring a new buying opportunity, even if ETH/USD is traded at historical highs.
Ethereum Trading Tips!
Buy a valid breakout (close, retest) above the R1 and most important through the third warning line (WL3). Such a breakout signals a further growth towards the R2 (2,042) or higher to the R3 (2,321) in the coming weeks.
The material has been provided by InstaForex Company – www.instaforex.com
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