ETH/USD accumulates around 1,337 level maintaining a bullish bias despite some temporary drops. Last week I've told you that Ethereum is still expected to resume its major uptrend after the current accumulation.
Bitcoin has registered an amazing rally on Friday, BTC/USD's further growth could force ETH/USD to increase as well. ETH/USD stands right under some critical upside obstacles, breaking above these levels signals more gains ahead.
Ethereum Targeting New Highs!
ETH/USD is traded within an upside channel. Its failure to approach and retest the red uptrend line, the channel's downside line, represents a bullish signal.
The price failed to retest the broken 150% Fibonacci line and now it tries to get back above the Pivot Point (1,332) level again. An upside breakout above the first warning line (WL1) of the descending pitchfork could really activate a new bullish momentum.
As I've said on Thursday's analysis, the bullish scenario could be invalidated only by a downside breakout through the channel's support and below the S1 (1,188).
ETH/USD Buying Scenario!
Jumping, closing, and stabilizing above the first warning line (WL1), somewhere beyond 1,400 represents a buying signal. The short-term major upside target remains at the channel's upside line, around the R2 (1,600) level.
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