Ethereum increased as high as 4,257.55 today after invalidating a corrective phase. Now it stands at 4,206.29 level far above 3,964.00 yesterday's low. In the short term, it has decreased a little after failing to reach the 4,380.64 all-time high and after the price of Bitcoin retreated.
ETH/USD is up by 1.61% in the last 24 hours and by 9.65% in the last 7-days. The bias is bullish as the crypto is trapped within an up channel. The price action signaled that the downside is limited and that the bulls could push the price higher. Bitcoin's growth should help Ethereum to approach and reach new highs.
ETH/USD Downside Invalidated!
Ethereum has found support right below 4,025.00 former high and under the ascending pitchfork's upper median line (uml). Its failure to stabilize under 4,044.27 weekly pivot point signaled strong upside pressure.
It could extend its growth as long as it stays within the up channel's body. In the short term, we cannot exclude a temporary decline. It could come back to test and retest the immediate support levels before jumping higher.
Ethereum is bullish, it could resume its growth as long as it stays above the uptrend line. The immediate upside target is seen at the first warning line (wl1). 4,380.64 all-time high stands as a major upside obstacle, target.
A minor consolidation after the current rally could bring new long opportunities. A new higher high, a valid breakout above the warning line (wl1), and above 4380.64 all-time high could confirm a larger upwards movement.The material has been provided by InstaForex Company - www.instaforex.com