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Ethereum confirms further growth

Ethereum reached a fresh new high of 3,642.61 today. The bias remains bullish, so further growth is favored. The crypto has managed to take out strong upside obstacles signaling strong buyers and potential upside continuation.

ETH/USD is up by 0.79% in the last 24 hours even if it moves somehow sideways, and is up by 19.33% in the last 7 days. Bitcoin is still bullish, further growth could help the price of Ethereum to climb even higher.

ETH/USD Targeting The 3,700 Psychological Level!

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Ethereum has confirmed its breakout above the 23.6% retracement level, the immediate target is represented by 3,676.96 weekly R1. After escaping from the down channel and after consolidating above the median line (ml), ETH/USD is strongly bullish as the sentiment has changed.

The corrective phase has ended after failing o stabilize below the 50% retracement level. Personally, I believe that the upside scenario remains intact as long as the rate is located above the median line (ml).

Ethereum Forecast!

The bias is bullish, so we could still search for new long opportunities. I believe that a minor retreat of consolidation above the 23.6% retracement level could offer new bullish signals. Making a valid breakout through the weekly R1 (3,676.96) validates a potential growth towards the upper median line (uml), around 3,900.

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