Ethereum rallied today and now it is trading at 4,379.59 level, far above 4,024.03 yesterday's low. It has registered a 7.80% growth today. The price action signaled that the downside movement if over and that the crypto could start increasing again.
In the short term, ETH/USD was into a corrective phase, but the bias remains bullish. Any temporary decline could help the buyers to catch a new upwards movement.
ETH/USD Strong Rally!ETH/USD failed to stabilize below the descending pitchfork's lower median line (lml) signaling that the downside movement is over. Yesterday, it has retested the 38.2% 4,026.47 level and now it has jumped above the 4,300 psychological level, above the weekly pivot point (4,332.86), and through the 23.6% retracement level.
The next upside target is seen at the 4,439.92 level. Stabilizing above the 23.6% retracement level could signal that the correction is over. Still, technically, only a valid breakout through the descending pitchfork's upper median line (UML) could really validate an upside continuation.
ETH/USD Outlook!Its failure to approach and reach the 3,958.67 former low signaled that the crypto has ended its bearish movement. Making a new higher high, a bullish closure above the 4,439.92 could signal a potential upside breakout through the upper median line (UML) as well.