Ethereum (ETH/USD) is trading at$2,151 at the time of writing and it could resume its upwards movement if it makes a new higher high. The price consolidates in the short term after taking out the immediate obstacles.
ETH/USD may continue to increase as long as the price of Bitcoin extends its bullish movement. Technically, the bias is bullish, so we could expect the major crypto to approach and reach new highs.
ETH/USD Poised To Jump Higher!
As you already know from my analysis, ETH/USD should resume its upside journey if it jumps and stabilizes above the first warning line (WL1) of the ascending pitchfork.
It has moved sideways in the short term and it continues to stay right below the daily R1 ($2,192). Jumping and closing above this level could bring a new long opportunity. The bias remains bullish as long as ETH/USD stays above the weekly pivot ($2,092), above the daily S1 ($2,090), or beyond $2,040 static support (resistance has turned into support).
The breakout above the WL1 signals more gains ahead. A bullish closure above $2,200 immediate high is seen as a bullish signal. The R2 ($2,357) and R3 ($2,520) could be used as upside targets.
The material has been provided by InstaForex Company – www.instaforex.com
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