Ethereum edged higher at the time of writing as BTC/USD rallied in the last hours. ETH/USD was trading at 1,622 at the time of writing above 1,563 today’s low and below 1,662 Saturday’s high.
Bitcoin’s further growth should force ETH/USD to jump higher as well. ETH/USD is up by 1.19% in the last 24 hours and by 20.21% in the last 7 days. The bias is bullish after taking out strong resistance levels, so further growth is in cards.
ETH/USD Towards New Highs!
You knew from my previous analysis that ETH/USD could resume its growth after retesting the warning line (wl1). I’ve told you that a valid breakout above 1,595 activates further growth. The altcoin climbed as much as 1,662 where it has found temporary resistance and now it has retested the 1,567 – 1,595 support zone.
Retesting the broken levels and making a new higher high could announce further growth. Still, we cannot exclude a minor sideways movement as the rate could try to accumulate more bullish energy before jumping higher.
The bias remains bullish as long as it stays above 1,567 and above the uptrend line. A new higher high, a valid breakout above 1,662 activates further growth and brings new long opportunities.
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