Analysis Cryptos Support & Resistance

Ethereum confirms breakout

Ethereum rallied in the last hours and it seems ready to resume its growth. The altcoin turned to the upside as Bitcoin rallied as well. ETH/USD is trading at 1,549.50 at the time of writing.

The altcoin increased by 4.75% from the 1,480 daily low to 1,550 today’s high. In the short term, the bias is bullish despite minor retreats. After its amazing rally, temporary drops are natural.

ETH/USD Edges Higher!

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As you can see on the H4 chart, the price found resistance at 1,595. Now, it has dropped to test and retest the broken warning line (wl1) trying to confirm its breakout through this dynamic resistance.

Staying above the warning line and above the 1,480 daily low may signal that the retreat ended and that the buyers could take the lead again.

ETH/USD Prediction!

A new higher high, a valid breakout above 1,595 activates an upside continuation and brings new long opportunities.

The material has been provided by InstaForex Company – www.instaforex.com


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