Ethereum is trading in the green at 3,491.25 at the moment of writing. It's strongly bullish as the price of Bitcoin tries to approach and reach new highs. As long as BTC/USD increases, ETH/USD could resume its upside journey.
Ethereum is up by 2.59% in the last 24 hours and by 23.42%. After retesting dynamic support, ETH/USD is somehow expected to hit new highs soon. The crypto is almost to confirm further growth if the rate makes a new higher high.
ETH/USD Upside Confirmed!
Ethereum is pressuring the 23.6% retracement level which stands as a static resistance. As you can see, ETH/USD retested the ascending pitchfork's median line (ml) confirming this line as a dynamic support.
Making a new higher high, closing above 3,491 high could activate more gains. The weekly R1 (3,677.60) is seen as the next upside obstacle, target if the crypto resumes its growth. After escaping from the down channel and after failing to stabilize under the 50% retracement level, ETH/USD was somehow expected to grow.
Closing and stabilizing above the 23.6% (3,480.29), validating the breakout, could represent a bullish opportunity with upside targets at the R1 (3,677.60) and at the ascending pitchfork's upper median line (uml).The material has been provided by InstaForex Company - www.instaforex.com