FX.co ★ Ethereum upside could be activated

Ethereum moves somehow sideways in the short term. It was traded at 4,002.55 at the time of writing. In the last 24 hours, ETH/USD is down by 0.48% and by 0.96% in the last 7 days. Bitcoin is about to activate an upside continuation. BTC/USD's further growth could help Ethereum to approach and reach new highs.

Technically, it has slipped lower from 4,076 today's high. Still, the retreat could be only a temporary one. ETH/USD could only test and retest the immediate support levels before starting to increase.

ETH/USD downside seems over

ETH/USD has found strong support on the 50% retracement level and now it has jumped above the downtrend line. In the short term, it continues to challenge the 4,025 - 3,958.67 area.

Staying above the downtrend line and above the 3,958.67 followed by a valid breakout above 4,076 today's high (static resistance) could activate an upwards movement.

ETH/USD outlook

Its failure to stabilize below the 50% retracement level or to make a new lower low signaled that sellers are exhausted. A bullish closure above the 4,076 today's high could confirm further growth and could bring new long opportunities.