ETH/USD reached a fresh all-time high of 2,482 today and it could resume its growth if the price of Bitcoin resumes its growth as well. The crypto market exploded lately, that’s why the major cryptocurrencies are very attractive.
Technically, the crypto has reached a resistance area, so it remains to see how it will react in the short term. We cannot exclude a minor decline after the current strong rally. Ethereum could still reach the 2,500 psychological level before deciding the direction.
ETH/USD At Resistance!
You already know from my analyses that ETH/USD was expected to increase after registering the valid breakout above the first warning line (WL1). Its minor consolidation above the weekly pivot point (2,091) signaled further growth.
Now, is located right above the second warning line (WL2) flirting with the major up channel’s upside line. The daily R1 (2,491) is seen as immediate resistance. A valid breakout above this obstacle and through the upside line could validate that ETH/USD will approach and reach fresh historical highs.
Jumping, closing, and stabilizing above the upside line and beyond the weekly R3 (2,520) could represent a new buying opportunity if the rate escapes from the up channel.
Still, you should be careful because a false breakout above these obstacles or any other reversal pattern printed here could announce a corrective phase, a downside movement.
The material has been provided by InstaForex Company – www.instaforex.com
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