FX.co ★ Ethereum: downside seems over, 1,407 as key resistance

Ethereum was trading at 1,307 at the time of writing. It seems undecided in the short term only because the price of Bitcoin is trapped within an extended range. Technically, the price action signaled that the downside movement could be over. Still, it's premature to talk about a new leg higher as long as it stays under the near-term resistance levels.

In the last 24 hours, ETH/USD is down by 1.39% but it's still up by 1.37% in the last 7 days. A clear direction in Bitcoin could bring a clear direction in Ethereum as well.

ETH/USD Extended Range!

ETH/USD signaled exhausted sellers after registering only a false breakdown with great separation below the 1,253 range's support. It's trapped between 1,253 and 1,407 levels. The price was almost to reach and retest the median line (ml) which represents dynamic support.

Now, it stands below the upper median line (uml). This is seen as a dynamic resistance. The 1,407 range's resistance represents key resistance.

ETH/USD Prediction!

As long as it stays under the upper median line (uml), ETH/USD could drop again. A valid breakout above this dynamic resistance and through 1,407 activates further growth and brings new long opportunities.