FX.co ★ Ethereum Poised To Reach New Highs!

Ethereum has managed to jump above strong upside obstacles, so it could resume its growth. It has decreased a little in the short term but the bias remains bullish in the short term.

Technically, it could resume its growth as it stands within the buyer's territory. In the short term, it could move sideways before jumping higher. ETH/USD continues to move sideways in the last weeks trying to accumulate more bullish energy or to attract more buyers.

ETH/USD Has Taken Out Strong Obstacles!

ETH/USD jumped above the downtrend line and now is located above the weekly pivot point (2,225.45). I've told you in my previous analyses that Ethereum could still increase as long as it stays within the ascending pitchfork's body.

Consolidating above the weekly pivot point (2,225.45) could bring a new buying signal. Jumping and closing above the 2,389 immediate high could signal more gains. The median line (ml) of the ascending pitchfork is seen as an upside target.

Forecast!

We may have a new long opportunity if ETH/USD jumps and stabilizes above the 2,389 high. Such an upside breakout could signal a potential growth towards the median line (ml) of the ascending pitchfork.