FX.co ★ Ethereum: further growth needs confirmation

Ethereum is trading in the red at 1,965 on the H1 at the time of writing. The altcoin registered strong growth in the short term as the price of bitcoin rallied. BTC/USD's temporary retreat forced ETH/USD to drop a little after reaching 2,015 today's high.

ETH/USD increased by 18.38% from last week's low of 1,702 to today's high. The altcoin dropped by 4.39% from today's high to the daily low of 1,926. After a strong rally, a temporary retreat was natural.

ETH/USD Challenges Dynamic Resistance!

ETH/USD dropped after failing to stabilize above the median line (ml). Now, it has retested the 1,941 key support and it is challenging the median line (ml) which represents a dynamic resistance.

2,015 is seen as static resistance. Taking out this upside obstacle may signal further growth, and ETH/USD could approach and reach the new highs. Technically, staying below the median line (ml) may signal that the buyers are exhausted.

ETH/USD Forecast!

Jumping, closing, and stabilizing above the 2,015 could activate further growth towards the downtrend line. This scenario brings new long signals.