FX.co ★ Ethereum gathering more bullish energy

Ethereum continues to move sideways in the short term. It was trading at 1,871 at the time of writing. After the last rally, a retreat of a sideways movement was natural as the rate needs to attract more bullish energy before jumping higher.

In the last 24 hours, Ethereum is down by 0.70%, and it's up by 8.42% in the last 7 days. Bitcoin's upside continuation should bring more buyers on ETH/USD.

ETH/USD accumulation

Technically, the altcoin escaped from the major down channel, signaling an upwards movement. It has found resistance at the 1,927 former high, so a minor retreat was natural. Now, it has found support on the weekly pivot point of 1,845 and is fighting hard to come back higher.

It has failed to retest the broken downtrend line, signaling strong upside pressure. The 1,927 represents a static resistance.

ETH/USD forecast

Jumping, closing, and stabilizing above 1,927 is seen as a bullish signal.