FX.co ★ Ethereum confirms its breakout

ETH/USD dropped in the short term but the sell-off could be over. It's located at 1,634 at the time of writing. After its strong rally, a retreat was natural. The rate could test and retest the immediate support levels before trying to develop a new leg higher.

It has increased by 1.97% from yesterday's low of 1,607 to 1,639 today's high. ETH/USD is down by 2.23% in the last 7 days but it's up by 0.65% in the last 24 hours.

ETH/USD 1,654 Key Resistance!

As you can see on the H4 chart, the rate retested the downtrend line and the weekly S1 (1,611) and now it has turned to the upside.

Technically, the retreat was natural and now the rate tries to develop a new leg higher. 1,654 represents a static resistance.

ETH/USD Outlook!

A valid breakout above 1,654 activates an upside continuation.