FX.co ★ Ethereum retests sellers

ETH/USD rallied in the short term as the price of Bitcoin edged higher after ending its temporary drop. It was traded at 3,119.05 level at the time of writing way above 2,830.01 yesterday's low.

ETH/USD registered an 11.33% growth from yesterday's low to 3,150.68 today's high. Technically, the price reached strong upside obstacles, so we'll have to wait for strong confirmation before taking action.

ETH/USD retreat ended

ETH/USD failed to stay below the downtrend line signaling that the retreat ended. Now, it has retested the uptrend line and the weekly R1 (3,159.68). Actually, we have a confluence area at the intersection between these obstacles.

Also, 3,284.75 former high stands as a static upside obstacle. Failing to take out the near-term obstacles may signal that the crypto could slip lower again. On the other hand, taking out the resistance levels could confirm a larger upwards movement, an upside continuation.

ETH/USD forecast

A new higher high, a valid breakout above 3,284.75 could activate an upside continuation and could bring new long opportunities.