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Ether aims at 4,000 psychological level

Ethereum climbed as much as the 3825.89 level today registering a new high. Despite the BTC/USD's temporary decline, ETH/USD has continued to increase. It has registered a 6.57% growth from 3,589.90 today's low to 3,825.89 daily high.

Now, it is still up by more than 5% today. Technically, it's strongly bullish, so further growth is natural. After making a new higher high, ETH/USD confirmed strong buyers and potential further growth. Bitcoin is also bullish, further growth helps the altcoins climb higher.

ETH/USD Upside Reactivated!

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Ethereum registered an aggressive breakout through the weekly R1 (3,640.80) confirming further growth. I've told you in my previous analysis that ETH/USD could resume its growth as long as it stays above the ascending pitchfork's median line (ml) and if it makes a new higher high.

The immediate upside obstacle, potential target, stands at the weekly R2 (3,860.43) level. Also, the price could be attracted by the ascending pitchfork's upper median line (uml) after making a new higher high.

Ethereum Forecast!

A minor decline after the most recent rally could bring fresh long opportunities. The bias is bullish, so we could search for new bullish signals. 3,677 level is seen as static support. We can try to catch a new leg higher from around this level if ETH/USD comes back to retest it.

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