Ethereum Challenges Crucial Resistance!

Ethereum increased in the short term, but now it has reached a resistance area. It remains to see how the rate could react before taking action. Taking out the resistance area could signal that the crypto may resume its growth.

Bitcoin has increased in the short term as well. So, further growth could signal that the altcoins could increase as well. You can use this positive correlation between BTC and the other major cryptocurrencies in trading.

ETH/USD Imminent Breakout!

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ETH/USD moved sideways lately inside of a triangle. Now is pressuring the pattern's resistance, the 50% retracement level, and the R1 (2841.67). Closing above these obstacles and above 2890.60 today's high could confirm further growth.

Still, you should keep in mind that only a valid breakout above 3,000 psychological level could really validate a broader upwards movement. Escaping from this range could attract more buyers which could lead the rate towards the historical high.

Forecast!

Jumping and stabilizing above 3,000 should offer us a good long opportunity. The upside scenario could be invalidated if the price stays below the current resistance levels or if it makes only a false breakout above 3,000.

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

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