Ethereum retreated a little in the short term. Nevertheless, the bias remains bullish. It has retested the near-term downside obstacles. Now, it seems determined to jump higher. As long as it stays above 3453.05 weekly pivot point, ETH/USD could resume its upside journey.
It stands at 3514.15 at the time of writing far above 3404.33 yesterday's low. Ethereum is still up by 0.34% in the last 24 hours and by 1.01% in the last 7 days. The bias remains bullish, so ETH/USD could approach new highs soon if the price of bitcoin climbs higher.
ETH/USD In The Green!
Ethereum retested the ascending pitchfork's median line (ml). Now, it has jumped above the 23.6% retracement level and above the weekly pivot point of 3455.61 level. It could climb higher as long as it stays above the median line (ml).
A new high, a bullish closure above the weekly R1 (3639.92) signals an upside continuation. The bullish scenario could be invalidated only a valid breakdown below the median line (ml).
A false breakdown with great separation below or a major bullish engulfing here around the support levels could bring a new long opportunity. A valid breakout through the weekly R1 (3639.92) may announce a potential growth towards the 3900 and 4000 psychological levels.The material has been provided by InstaForex Company - www.instaforex.com