FX.co ★ Ethereum Rallies as expected, 1,662 key resistance

Ethereum rallied in the short term as BTC/USD edged higher. It's trading at 1,658 at the time of writing. ETH/USD increased by 11.55% from 1,503 Wednesday's low to 1,676 today's high.

In the last 24 hours, ETH/USD is up by 7.03% in the last 24 hours and by 8.30% in the last 7 days. Bitcoin seems determined to extend its growth, so the altcoins could approach and reach new highs as well.

ETH/USD Strong Upside Pressure!

As you can see on the H4 chart, the altcoin rallied after failing to stabilize below the uptrend line and after escaping from the flag pattern. Now, it has jumped above the 1,662 upside obstacle.

It remains to see how it will react to this resistance. Only a valid breakout could announce further growth.

ETH/USD Outlook!

A valid breakout above 1,662 and a bullish closure above 1,676 activates further growth and bring new longs.