Ethereum increased as expected after taking out a dynamic resistance. The price turned to the upside after ending its major corrective phase and now is fighting hard to resume its upwards movement.
The price action has signaled that the downside movement is over and that the bulls could take the lead again. Technically and fundamentally, Ethereum is still a buy despite the most recent massive sell-off.
ETH/USD Aims At 3,000!As you already know from my analysis, ETH/USD was expected to resume its growth after breaking above the warning line (wl1). Also, I've told you that a new higher high, bullish closure above 2,788 immediate high could really activate more gains.
ETH/USD trades above the 50% Fibonacci line and it could reach the 3,000 psychological level soon. Registering a valid breakout above this static obstacle, immediate high, could announce a further growth at least until 3,200, R1 (3,214).
Ethereum Forecast!Failing to stay under the weekly pivot point (2,473.51) and closing above 2,788 high represented a long opportunity with a potential target at 3,000 psychological level.
Jumping and stabilizing above the $3,000 level could indicate more gains in the upcoming period. Any temporary decline could bring new long opportunities.