FX.co ★ Ethereum: upside continuation activated

ETH/USD edged higher and now is located at 2,009 at the time of writing. It has increased by 11.03% from last Friday's low of 1,827 to 2,029 today's high. Bitcoin's rally forced the altcoin to jump higher as well.

In the last 24 hours, Ethereum is up by 7.47% and by 8.10% in the last 7 days. The bias is bullish, so further growth is natural.

ETH/USD Strongly Bullish!

ETH/USD rallied and now it has passed above the 1,976 former high which represented an upside obstacle. After its amazing rally, the rate could come back to retest the broken resistance before extending its growth.

Its failure to stay below the median line (ml) announced strong upside pressure and potential larger growth.

ETH/USD Outlook!

Breaking above 1,976 activated further growth and was seen as a new buying opportunity. Consolidation above this broken resistance could bring new longs with a potential target at the upper median line (uml).