Ethereum rallied in the last hours and now it was trading at 1,561 at the time of writing. ETH/USD increased by 10.93% from today's low of 1,424 to 1,579 today's high. The altcoin rebounded and recovered as the price of Bitcoin edged higher.
In the last 24 hours, ETH/USD is down by 1.41% and by 0.93% in the last 7 days. Technically, the crypto crashed, but the buyers remain strong despite temporary retreats.
ETH/USD Bullish Momentum!After passing above the warning line (wl1) of the descending pitchfork, ETH/USD was expected to grow. Still, its failure to take out the 1,662 signaled exhausted buyers in the short term.
The rate dropped but it has failed to reach the 1,407 static support signaling the end of the sell-off. As long as the token stays above this level and above the lower median line (LML) of the ascending pitchfork, it could develop a new leg higher.
ETH/USD Outlook!In the short term, ETH/USD could move sideways between 1,662 and 1,407 levels. A new higher high, a valid breakout above 1,662 activates further growth and brings new longs.