Ethereum resumed its growth after escaping from a trading pattern. The bias is bullish, so the crypto could resume its upwards movement. Technically, it has confirmed further growth, so we could search for new long opportunities.
ETH/USD slipped lower in the short term as the price of Bitcoin has decreased a little. Temporary declines could help us to catch new upside movements. Ethereum is located in the buyer's territory, so further growth towards fresh new highs is favored.
ETH/USD Upside Confirmed!
Ethereum has managed to jump far above the ascending pitchfork's median line (ML) signaling strong bulls and upside continuation. It has found temporary resistance at the upside 50% Fibonacci line.
It could resume its growth as long as it stays above the ascending pitchfork's median line (ML). A minor consolidation here could confirm further growth and could bring us new long signals.
Outlook!
Its failure to test and retest the weekly pivot point (2467.63) or the median line (ML) signaled strong buyers. An accumulation followed by a new higher high indicates further growth towards the ascending pitchfork's upper median line (uml).
The material has been provided by InstaForex Company - www.instaforex.com