Ethereum aims at 3,800 psychological level

Ethereum registered a strong rally in the short term and now it stands higher at the 3,717.99 level. The crypto jumped above strong upside obstacles showing strong bullish pressure. Technically, we cannot exclude a temporary decline in the short term after the current rally.

ETH/USD is up by 9.71% in the last 24H and by 15.52% in the last 7 days. The cryptocurrency signaled that the upside scenario is still valid during its temporary consolidation. As you already know, the price of Bitcoin has increased as well, this is a leading indicator.

ETH/USD Amazing Bullish Fly

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Ethereum has advanced to as much as 3,791.28 today. It has passed above the R3 (3,731.38) and beyond the 150% Fibonacci line of the ascending pitchfork. Unfortunately, it has failed to stay around today's high.

The 78.6% retracement level and the 3,800 psychological level are seen as upside obstacles as well. Right now it is too risky to go long on ETH/USD. Maybe it is better to wait for a temporary decline before looking for fresh long opportunities.

Outlook

Making a valid breakout above 3,800 and through the 78.6% level indicates further growth without a temporary retreat.

Coming back to retest the ascending pitchfork's upper median line (UML) could bring great buying opportunities in Ethereum. Personally, I believe that the bias remains bullish as long as it stays above the UML.

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

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