FX.co ★ Ethereum: upward movement activated

The price of Ethereum jumped as much as 1,667 yesterday. Now, it's trading at 1,654 at the time of writing. You knew from yesterday's analysis that the altcoin could jump higher after failing to approach and reach the 1,542 former low.

Also, I've told you that BTC/USD's upside continuation should drag ETH/USD higher as well. Yesterday, the altcoin increased by 4.40% from 1,596 to 1,667.

ETH/USD Bullish Bias!

As you can see on the H1 chart, ETH/USD jumped far above the 1,632 static resistance and beyond the downtrend line.

It has found temporary resistance right below the 1,669 static resistance (former high). After its strong growth, the rate could retest the broken levels before jumping higher.

ETH/USD Outlook!

Jumping and closing above 1,669 activates further growth and brings new long opportunities.