FX.co ★ Ethereum: 1,676 key level

Ethereum stays higher and it seems determined to approach and reach new highs. It's trading at 1,628 at the time of writing and it could move somehow sideways in the short term. The bias remains bullish, further growth is favored.

ETH/USD dropped a little today but it's still up by 1.82% in the last 24 hours. The altcoin retreated as the BTC/USD slipped lower.

ETH/USD Strong Upside Pressure!

ETH/USD is trapped between the 1,676 and 1,506 levels. The upper median line (uml) represents a dynamic resistance. Technically, the bias remains bullish as long as it stays above the median line (ml) and above 1,506.

The upper median line (uml) and 1,676 represent upside obstacles. In the short term, the rate could test and retest the near-term support levels before jumping higher.

ETH/USD Outlook!

Ethereum could extend its growth after making a valid breakout through 1,676. This is seen as a bullish opportunity.