FX.co ★ Ethereum Aims At 3,000 Psychological level!

Ethereum is trading in the green at the time of writing at 2,836.13 level and it seems poised to climb towards the 3,000 psychological level. The price has invalidated a new strong drop, so further growth is favored right now.

The price continues to move sideways but I really hope that we'll have an opportunity soon. The corrective phase seems over, so ETH/USD could try to develop a new leg higher after the current range.

ETH/USD Upside Breakout!

ETH/USD has managed again to come back above the immediate downtrend line. Now is pressuring the 50% Fibonacci line which represents strong static resistance. Closing and stabilizing above this obstacle may signal further growth at least until the 3,000 psychological level.

A valid breakout above 3,000 psychological level could really announce a broader growth ahead. I believe that the bullish scenario could be invalidated only if the price of ETH/USD drops and stabilizes below the pivot point (2,626.60)

Ethereum Outlook!

You can go long on ETH/USD if the price closes a bullish candle above 2,890.60 high. Also, a valid breakout above 3,000 could really announce a larger growth in the upcoming weeks.