Ethereum rallied today and now is trading at 1,917 at the time of writing. You knew from my previous analysis that the bias remains bullish and that the buyers should take it higher. Technically, the altcoin seems determined to approach and reach new highs.
ETH/USD increased by 4.19% from 1,856 today's low to 1,934 today's high. The altcoin is up by 0.35% in the last 24 hours and by 0.89% in the last 7 days.
ETH/USD Strongly Bullish!Technically, ETH/USD rallied after retesting the weekly pivot point of 1,855. The bias is bullish as long as it stays above the median line (ML).
In the short term, it is trading somehow sideways between 1,846 and 1,942. The current range is seen as a preface to a bullish formation.
ETH/USD Outlook!A valid breakout above 1,942 activates further growth and provides a bullish signal.