FX.co ★ Ethereum gathering more bullish energy

Ethereum dropped a little after its strong growth and now it tries to attract more buyers before jumping higher. Bitcoin's retreat forced the altcoin to drop as well. Still, in the short term, the buyers are still in the game.

ETH/USD increased by 1.69% from yesterday's low of 1,696 to 1,725 today's high. Technically, the altcoin rebounded but a larger growth is far from being confirmed.

ETH/USD Near Resistance!

From the technical point of view, ETH/USD failed to reach the downtrend line signaling exhausted buyers. Now, it tries to stabilize above the monthly S2 (1,702).

1,744 and the downtrend line represent strong resistance levels. On the other hand, the uptrend line is seen as a dynamic support.

ETH/USD Forecast!

A valid breakout above 1,744 and through the downtrend line is seen as a new buying opportunity. This scenario activates a larger growth.