FX.co ★ Ethereum upside pattern violated

Ethereum moved sideways in the short term, and now it seems ready to resume its growth. It was trading at 1,669 at the time of writing. It has increased by 19.05% from Monday's low of 1,463 to 1,742 yesterday's high.

In the last 24 hours, ETH/USD it's up by 2.65% and by 9.42% in the last 7 days. Bitcoin's strong rally forced the altcoin to grow as well.

ETH/USD Strongly Bullish

ETH/USD retested the ascending pitchfork's lower median line (lml) which stands as a dynamic support, and after that it rallied. It passed above the 1,676 static resistance, but after its strong rally a minor retreat was natural.

Technically, the sideways movement is seen as an upside continuation pattern. After its false breakdown below the 1,506, the price action signaled an upside breakout and continuation.

ETH/USD Outlook

Stabilizing above 1,676 and making a new higher high activates a larger growth and is see as a long opportunity.