FX.co ★ Ethereum retesting buyers

Ethereum retreated a little after reaching the 1,854 level. Now, it's trading at 1,785 at the time of writing. In the short term, the bias is bullish, so further growth is natural. It could test and retest the near-term support levels before jumping higher.

Bitcoin's strong rally helped ETH/USD to register a strong upward movement as well. The altcoin is up by 0.98% and by 13.67% in the last 7 days.

ETH/USD Minor Retreat!

As you can see on the H4 chart, the rate registered an aggressive rally, ignoring the 1,744 and the median line which represented upside obstacles.

It has registered only false breakouts above the weekly R3 (1,834), so a retreat is natural. The bias is bullish as long as it stays above the median line.

ETH/USD Outlook!

Testing and retesting the median line and registering false breakdowns may announce a new bullish momentum. Still, only a new higher high activates a larger growth.