Ethereum registered a strong rally today and invalidated potential deeper drop. It's trading at 4,159 level at the time of writing far above 3,893.16 today's low. Bitcoin's growth helped ETH/USD to come back higher as well.
The price of Ethereum registered an 8.06% growth from 3,893.16 daily low to 4,206.89 today's high. In the short term, it moves somehow sideways, we don't have a clear direction. Still, despite the current indecision, ETH/USD maintains a bullish bias.
ETH/USD Bullish Momentum!
ETH/USD failed to stay under the broken support levels announcing strong upside pressure. It has found support right above 3,886 former low and now is back above the uptrend line.
The crypto is trapped between 4,332.29 and 3,886 levels. The current upside momentum seems very strong, but It's risky to go long here because it's too close to the all-time high of 4,380.64.
Technically, failing to stay above the uptrend line and above the upper median line (uml) could announce that we could still have a corrective phase.
Ethereum Forecast!
You should know that the price of Bitcoin is located right below a strong resistance zone. It remains to see what will happen, BTC/USD's upside continuation indicates that Ethereum could climb higher as well.
On the other hand, Bitcoin's drop could signal that ETH/USD could slip lower again. Technically, as long as it stays above 4,025, it could resume its upwards movement. The bias is bullish after failing to make a new lower low, dropping below 3,886.
The material has been provided by InstaForex Company - www.instaforex.com