FX.co ★ Ethereum further growth activated

The price of Ethereum is trading in the green at 3,143 at the time of writing. Bitcoin's growth helped ETH/USD to approach and reach new highs as well. In the short term, the bias is bullish after escaping from a major triangle and after taking out important resistance levels.

ETH/USD increased by 11.73% from Sunday's low of 2,819.18 to 3,149.78 today's high. In the last 24 hours, the altcoin is up by 2.87%.

ETH/USD Aims At 3,284!

ETH/USD was somehow expected to resume its growth after escaping from the triangle pattern. You knew from my analyses that a valid breakout above 2,987 after trying to retest the triangle's resistance may signal an upside continuation.

Now, it has passed above the weekly R1 (3,067) which represented an upside target and obstacle. Stabilizing above it may signal potential further growth.

ETH/USD Outlook!

Its breakout above the R1 may confirm an upside continuation at least towards the 3,284.75 high. A larger upwards movement could be signaled and confirmed by a valid breakout above this upside obstacle.

An upside continuation could be invalidated if ETH/USD drops and stabilizes below the 2,987.