FX.co ★ Ethereum: upside continuation to be activated

The price of Ethereum rallied today and reached 1,350. Now, it is trading at 1,316 at the time of writing. It has registered a strong rally, so a temporary retreat is natural. It could test and retest the near-term support levels before resuming its growth.

ETH/USD increased by 8.80% from yesterday's low of 1,240 to 1,350 today's high. As you already know from my analyses, the upside pressure remains high, so further growth is natural.

ETH/USD 1,310 Resistance Taken Out!

As you can see on the H4 chart, the altcoin moved sideways between the 1,215 and 1,310 levels trying to accumulate more bullish energy. The bias was bullish as long as it was trading above 1,215.

Now, it has jumped far above 1,310 static resistance but it has found resistance at the weekly R2 (1,348).

ETH/USD Forecast!

Breaking and stabilizing above 1,310 signals strong buyers and an upside continuation. This was seen as a long opportunity. Consolidating above this broken level may announce further growth.