Ethereum Still Bullish!
Ethereum (ETH/USD) is traded higher at 1,300.74 level versus 1,205 yesterday’s low. The outlook is bullish and the price could push higher again after the most recent temporary decline.
Ethereum declined a little only because the price of Bitcoin registered a sell-off in the short term. An increase of BTC/USD could bring a bullish momentum here on ETH/USD as well.
ETH/USD Within An Up Channel!
As you can see on the h4 chart, ETH/USD increased within an up channel. It has managed to escape from the minor descending pitchfork’s body indicating further growth.
The critical support is seen at the red uptrend line and at the S1 (1,144) level. Only dropping below these levels could invalidate the upside scenario and could bring a selling opportunity.
Closing and consolidation above the Pivot Point (1,291) could confirm that ETH/USD will move higher towards fresh new highs.
ETH/USD could attract more buyers from above 1,130 after its failure to retest the descending pitchfork’s upside line. Buying from above 1,1327 today’s high with a first potential target at the R1 (1,541) is possible.
The Stop Loss for such a long position could be hidden under the S1 (1,144) level.
The material has been provided by InstaForex Company – www.instaforex.com