Ethereum climbed as much as 2,719.47 today registering a new all-time high. Now it is trading lower at 2,615 level as the price has slipped lower to retest the broken levels.
Technically and fundamentally, ETH/USD is strongly bullish, so it could resume its upwards movement if it stabilizes above the former historical high of 2,645. It has escaped once again from an up channel signaling strong buyers.
Bitcoin has increased in the short term and it seems that its correction is over. ETH/USD should resume its growth if the price of Bitcoin jumps higher.
ETH/USD Another False Breakout?
ETH/USD jumped again above the upside line and beyond the weekly R1 (2,626.42). It has retested the channel’s upside line and now is struggling to get back above the R1. Stabilizing above it could signal more gains.
A minor consolidation above the broken levels could bring a long signal as ETH/USD could extend its rally. The current upside breakout was imminent after the price’s failure to confirm a deeper decline.
Stabilizing above the R1 (2,626.42) could signal a further growth towards the R2 (2,930.82).
The material has been provided by InstaForex Company – www.instaforex.com
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