Analysis Cryptos Support & Resistance

Ethereum reaches new upside target

ETH/USD edged higher as the price of Bitcoin rallied. As you already know, BTC/USD’s rally helps the altcoins to grow as well. Ethereum registered a 14.25% growth from today’s low of 1,335 to the 1,525 daily high.

After its amazing rally, we cannot exclude a minor retreat. In the last 24 hours, ETH/USD is up by 12.87% and by 15.58% in the last 7 days. Technically, the price action signaled a potential upside movement.

ETH/USD Strongly Bullish!

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As you already know from my analyses, ETH/USD registered a false breakdown below 1,253 signaling exhausted sellers and the end of the downside movement. Now, it has ignored the 1,407 static resistance and it has reached the R3 (1,523) and the warning line (wl1) which represent upside obstacles.

It remains to see how it will react around the confluence area formed at the intersection between the R3 with the warning line (wl1).

ETH/USD Forecast!

A valid breakout through the confluence area formed at the intersection between the R3 (1,523) with the warning line (wl1) may confirm an upside continuation. A false breakout signals a potential sell-off.

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


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