Ethereum tries to stabilize above a broken resistance before resuming its upside journey. ETH/USD reached a new all-time high of 3,559.97 in yesterday's session. Technically, the price has managed to take out new upside obstacles, so the bias remains bullish.
In the short term, ETH/USD could decrease a little to test and retest the immediate support levels before jumping higher again.
ETH/USD More Upside In View!
ETH/USD was has consolidated and accumulated more bullish energy between the weekly R1 (3,189) and R2 (3,428) levels and now it has managed to stabilize above the R2 and beyond the first warning line (WL1).
Consolidating above the R2 and maybe retesting the warning line (WL1) could bring a new upside momentum towards fresh historical highs. The bias remains bullish in the short term as long as the rate stays above the WL1 and R1 broken levels.
Ethereum Forecast!
A false breakdown with great separation below R2 and WL1, or a major bullish engulfing printed on these obstacles could signal new bullish momentum. Consolidating above the R1 followed by a new higher high, bullish closure above 3,559 all-time high could represent a buying signal.
The next major upside target is seen at the R2 (3,868.84) level. The bullish scenario could be invalidated if the rate drops below R1 (3,189).
The material has been provided by InstaForex Company - www.instaforex.com