Ethereum sellers fail to confirm larger drop!

Ethereum increased as much as 3,576.41 level. It's pressuring the 3,568.47 static resistance, the former high. Techncially, its failure to approach 3,015 former low signaled an upside pressure.

Bitcoin's growth helped ETH/USD to climb higher again. The bias remains bullish despite the most recent retreat. Personally, I'm still looking for buying opportunities. Unfortunately, the crypto stands below strong resistance levels, so, it's premature to go long.

ETH/USD registered an amazing 5.48% growth in the last 24 hours. In the short term, the crypto move in a range, so we'll have to wait for a fresh opportunity.

ETH/USD Looks To Trade Higher!

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Ethereum is trapped between 3,015 and 3,568.47 levels. Technically, it has found strong demand support below the 38.2% retracement level. Its false breakdowns indicated strong buyers.

The uptrend line is seen as a potential upside obstacle if the rate resumes its growth. Stabilizing above the 23.6% retracement level may signal further growth. A larger corrective phase was invalidated after failing to stabilize below the 38.2% level.

Outlook!

Closing and stabilizing above 3,568.47 former high may signal more gains. The next upside targets are seen at 3,800 and higher at 4,000 psychological levels. Its failure to approach and reach the weekly S1 of 2,954 signaled potential growth towards the R1.

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

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