Ethereum bounced back after registering a temporary decline. Now the cryptocurrency is trading at $2,304.16 versus $2,055.00 yesterday’s low. Technically, the bias remains bullish despite the short-term retreat.
A minor decline was expected after ETH/USD reached a strong resistance area. The downside momentum was stopped by a former higher high which now acts as strong static support.
Ethereum could resume its growth after moving sideways in the short term. Bitcoin’s growth could force ETH/USD to approach new all-time highs.
ETH/USD Looks To Trade Higher Again!
ETH/USD has found support right on the $2,040 level. The false breakdown with great separation through it followed by a retest signaled that the price could come back higher as the decrease is over.
Now it has jumped above the weekly pivot ($2,246.64) which is seen as a bullish signal. It has reached the second warning line (WL2) which represents a dynamic resistance. Registering a valid breakout above the WL2 signals a strong growth ahead.
A minor consolidation above the pivot point ($2,246.64) followed by a new higher high, jump above $2,365.75 is seen as a bullish signal. The R1 ($2,542.22) could be used as a first upside target.
The material has been provided by InstaForex Company – www.instaforex.com
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