FX.co ★ Ethereum in range pattern

Ethereum is trading sideways in the short term. It's located at 1,727 at the time of writing and could continue to move in a range if BTC/USD fails to develop a strong move in one direction. The altcoin increased by 2.87% from yesterday's low of 1,699 to 1,748 today's high.

In the last 24 hours, Ethereum is up by 0.22% but it's down by 1.20% in the last 7 days. Technically, the rate stands near strong upside obstacles, so we have to wait for fresh opportunities.

ETH/USD Undecided!

ETH/USD is trapped between the 1,750 and 1,699 levels. Only escaping from this pattern should bring us new trading opportunities. The descending pitchfork's upper median line (uml) represents a dynamic resistance.

As long as it stays below this upside obstacle, the downside pressure remains high, ETH/USD could come back down anytime.

ETH/USD Outlook!

A new higher high, a bullish closure above 1,750 activates further growth and represents a buying signal.

A new lower low, a valid breakdown below 1,699 confirms a downside movement.