Ethereum/USD has established an extensive bullish movement since the beginning of 2021 during the periods of COVID epidemic.
Since then, Crypto market has been quite bullish on Ethereum with new DAIlY highs being hit every day.
Around 4400, a new Monthly high was achieved. This has turned the market into bearish since then.
Earlier this month, For two successive trials, Ethereum has failed to push below the price level of 1700.
This indicates lack of bearish persistence rendering the short-term outlook as bullish.
On the other hand, Ethereum is currently approaching the price level of 2250 which corresponds to the depicted downtrend line established since June 7th.
Trade Recommendation:
Currently, bullish breakout above 2250 (downtrend) should be considered for BUYING Ethereum against USD.
Initial T/p levels to be located around 2330 and 2600.
The material has been provided by InstaForex Company - www.instaforex.com