Ethereum/USD has established an extensive bullish movement since July 19. Since then, Crypto market has been quite bullish on Ethereum with new DAIlY highs being hit every now and then.
Around the price level of 3333, a new high for Ethereum was established. Since then, a sideway consolidative movement has been expressed below 3333 down to 2950.
In the meanwhile, an ascending bullish channel has been expressed. For three successive trials, Ethereum has failed to push below the lower limit of the depicted channel.
This indicates lack of bearish persistence rendering the short-term outlook as bullish.
On the other hand, Ethereum has approached the price level of 3333 which got breached to the upside this time.
That's why, the current bullish movement is expected to pursue towards the price level of 3600 which needs to be visited before further trading decisions can be taken.
Trading Plan:
Currently, the price level of 3333 stands as a prominent support level to be watched for bullish trades if any bearish pullback occurs. Initial T/p levels to be located around 3500 and 3625.
The material has been provided by InstaForex Company - www.instaforex.com