Ethereum increased today as much as 2,820 today and it seems determined to resume its growth. It has taken out strong resistance levels, so an upside movement is imminent. The price of Bitcoin has increased as well, that's why the altcoins have appreciated again.
ETH/USD surged by 11.70% from the 2,530.70 today's low. The price action shows strong buyring pressure. Still, we'll have to wait for the current breakout to be validated before looking for new long opportunities.
Ethereum Fresh New High!
ETH/USD failed to retest the ascending pitchfork's median line (ML) signaling strong buyers. The current aggressive breakout through the 50% Fibonacci line and above the R1 (2786.17) could indicate more gains ahead.
Stabilizing above the R1 could signal a potential growth towards the upper median line (UML) and up to the 3,000 psychological level.
Conclusion!
A minor consolidation here above the R1 (2,786.17) could help us to catch a new upside movement.
The material has been provided by InstaForex Company - www.instaforex.com