Ethereum Imminent Upside Breakout!

Ethereum ended its correction and now it is approaching a resistance area. The outlook is bullish after invalidating a deeper retreat. Bitcoin has found support as well and it could jump higher, this scenario could help altcoins to increase.

ETH/USD is trading at 2,473.88 at the time of writing, higher versus 2,238.48 yesterday's low. It has increased by more than 11% since yesterday's low signaling strong buyers in the short term.

ETH/USD Strongly Bullish!

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ETH/USD has found strong support on the 2,040 and now it has managed to jump again above the first warning line (WL2) of the former descending pitchfork. I've told you in a previous analysis that, stabilizing above the weekly pivot (2,247.76) could signal further growth.

The up channel's upside line and the R1 (2,543.23) are seen as immediate and major resistance levels. Only a valid breakout above these levels could indicate more gains and a bullish movement towards fresh historical highs.

Ethereum Outlook!

We cannot exclude a minor decline after reaching the resistance levels even if ETHUSD is strongly bullish. Jumping and stabilizing above 2,548.93 historical high, upside line, and beyond the R1 could validate a further increase ahead.

R2 (2,845.58) could be used as a next upwards target if the price resumes its growth.

The material has been provided by InstaForex Company - www.instaforex.com

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