Ethereum accumulates more bullish energy


Ethereum rallied after registering a new false breakdown below the 4,000 psychological level. It has appreciated by 10.33% from 3,965 yesterday's low to 4,374 today's high. The crypto started to increase again as the price of Bitcoin has turned to the upside.

In the short term, ETH/USD is trading sideways, the price action signaled that the downside is over. Still, the price stands below strong dynamic resistance, only a valid breakout through it may signal a larger growth.


ETH/USD EXTENDS ITS SIDEWAYS MOVEMENT!

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Technically, ETH/USD has found support again below the 38.2% (4,025.21) retracement level. It has failed to approach and reach the descending pitchfork's lower median line (LML) signaling a strong upside pressure.

The upper median line (UML) stands as a dynamic resistance. You can see that the price movement was stalled by this upside obstacle. Stabilizing above the weekly pivot point (4,257) followed by a valid breakout above the upper median line (UML) could activate an upside continuation.


ETH/USD FORECAST!

Jumping, closing, and stabilizing above the upper median line (UML), a valid breakout could announce potential further growth towards the 4,868.79 all-time high. Its failure to reach the former lows or to stabilize below the 4,000 psychological level signaled that the corrective phase is over.




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Ralph Shedler
Analytical expert of InstaForex
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