ETH/USD is trading at the 2,101.45 level trying to break a dynamic resistance after invalidating a new strong drop. The bias remains bullish after passing and stabilizing above 2,040 former all-time high.
Ethereum should jump higher if the price of bitcoin continues to increase after its temporary consolidation.
ETH/USD Towards Fresh Historical Highs!
ETH/USD is trying once again to break above the first warning line (WL1) of the former descending pitchfork after retesting 2,040 broken resistance.
It istrading far above the weekly pivot point (1,966) signaling a potential growth towards the R1 (2,255) if it closes and stabilizes above the warning line (WL1).
A bullish closure above 2,151 yesterday’s high on the H4 chart is could represent a buying opportunity with a first target at the R1 (2,255).
The upside scenario could be invalidated only by a valid breakdown below the pivot point (1,966).
The material has been provided by InstaForex Company – www.instaforex.com
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