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Ethereum: up channel in play!

Ethereum decreased a little in the short term only because the price of Bitcoin has retreated. Bitcoin is bullish, so ETH/USD could try to jump higher after its short-term decline. It could still increase as long as it stays above major and strong support levels.

The retreat could help us catch a new swing higher. ETH/USD has gone up by 0.41% in the last 24 hours and is up by 6.81% in the last 7 days. Despite the bullish outlook, you should still search for a great long opportunity if you are not trading long already. In the short term, the crypto could drop to test and retest the immediate support levels.

ETH/USD Temporary Retreat


As you can see, the ETH/USD pair has found resistance at the ascending pitchfork's upper median line (uml) and now it has challenged the 3,728.13 weekly pivot point. The outlook is bullish as long as it stays above the pivot point and above the uptrend line.

A false breakout with great separation or a major bullish engulfing could announce a new upwards movement. Only a valid breakout below the uptrend line from the upper channel's body could announce a downward movement.

Ethereum Outlook

A bullish pattern printed on the weekly pivot or on the uptrend line may announce a new leg higher. Also, making a new high, a bullish closure above 3,861.10 today's high could activate further growth.

A larger upward movement could be activated by a valid breakout above the ascending pitchfork's upper median line (uml) and through the 4,025.00 former high.

The material has been provided by InstaForex Company -