Analysis Cryptos Support & Resistance

Ethereum retests broken resistance zone

Ethereum edged higher at the time of writing as BTC/USD rallied in the last hours. ETH/USD was trading at 1,622 at the time of writing above 1,563 today’s low and below 1,662 Saturday’s high.

Bitcoin’s further growth should force ETH/USD to jump higher as well. ETH/USD is up by 1.19% in the last 24 hours and by 20.21% in the last 7 days. The bias is bullish after taking out strong resistance levels, so further growth is in cards.

ETH/USD Towards New Highs!

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You knew from my previous analysis that ETH/USD could resume its growth after retesting the warning line (wl1). I’ve told you that a valid breakout above 1,595 activates further growth. The altcoin climbed as much as 1,662 where it has found temporary resistance and now it has retested the 1,567 – 1,595 support zone.

Retesting the broken levels and making a new higher high could announce further growth. Still, we cannot exclude a minor sideways movement as the rate could try to accumulate more bullish energy before jumping higher.

ETH/USD Prediction!

The bias remains bullish as long as it stays above 1,567 and above the uptrend line. A new higher high, a valid breakout above 1,662 activates further growth and brings new long opportunities.

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


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