Relevance up to 16:00 UTC+00
The price of Ethereum rallied in the short term as BTC/USD jumped higher as well. Still, the altcoin stands below strong resistance. 1,730 represents an upside obstacle. ETH/USD increased by 9.17% from 1,581 to 1,726 today’s high.
In the short term, Ethereum retreated but the bias remains bullish. In the last 24 hours, ETH/USD is up by 3.33% but it’s down by 0.61% in the last 7 days. After its last rally, a temporary drop was natural before trying to resume its growth.
ETH/USD Leg Higher Intact!
ETH/USD retested the uptrend line and now it could challenge 1,730 again. This level represents strong resistance. Taking out this obstacle may signal further growth. As long as it stays above the uptrend line, the altcoin may resume its growth.
Its failure to stay below the weekly pivot point of 1,607 announces strong upside pressure. Only a valid breakdown below the uptrend line could announce a larger drop and could invalidate the upside scenario.
A valid breakout above 1,730 could signal further growth towards the major downtrend line, up to 1,900.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analytical expert of InstaForex
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade