FX.co ★ Ethereum: upside scenario still valid

The price of Ethereum dropped last night after reaching a confluence area. It has dropped as much as 1,787 but the bias remains bullish. The altcoin seems determined to approach and reach new highs as BTC/USD is bullish.

In the last 24 hours, ETH/USD is down by 0.43% but it's up by 0.53% in the last 7 days. Despite temporary drops, the bias remains bullish.

ETH/USD Strong Buyers!

As you can see on the H4 chart, the rate dropped after registering a false breakout through the confluence area formed at the intersection between the median line (ml) with the 1,942 static resistance.

You knew from my previous analysis that this scenario could happen. Still, the rate registered only a false breakdown with great separation below the immediate lows signaling that the retreat is over.

ETH/USD Forecast!

A new higher high, a valid breakout through 1,963 activates further growth and is seen as a bullish signal.