FX.co ★ Ethereum upside reversal signaled

Ethereum is trading at 2,917 at the time of writing above 2,819 yesterday's low. Friday's high of 2,987 stands as the immediate resistance level. Technically, the crypto signaled that the downside is over and that the bulls could take full control.

ETH/USD increased by 5.18% from yesterday's low to 2,965 today's high. In the last 24 hours, the altcoin is up by 3.29% and by 14.95% in the last 7 days. Bitcoin's potential growth could help Ethereum to approach and reach new highs.

ETH/USD Triangle Breakout!

As you can see on the h4 chart, ETH/USD escaped from the major triangle pattern. You knew from my previous analysis that a valid upside breakout above the triangle's resistance may announce a larger growth and an upside reversal.

In the short term, the price retreated trying to retest the broken resistance. A new higher high could activate an upside continuation.

ETH/USD Outlook!

Jumping, closing, and stabilizing above 2,987 former high could confirm further growth and could bring new long opportunities.