Ethereum managed to gain momentum. It seems determined to approach immediate upside obstacles. Bitcoin is struggling to increase in the short term as well. BTC/USD's rise could help ETH/USD grow higher.
ETH/USD is up by 2.32% in the last 24 hours, but it is down by 4.90% in the last 7 days. Technically, the current rebound could be only short-lived. The pressure is still high, so the crypto could come back down to retest the buyers.
ETH/USD False Breakdown!
Ethereum has registered only a false breakdown with great separation through the median line (ML) of the ascending pitchfork. It has failed to stabilize under 3330.08, so the current rebound is natural.
It could come back to test and retest the upper median line (UML) and the pivot point (3707.50) where it could find strong resistance. Personally, I believe that ether could come back down towards the near-term support levels
Outlook!
Ethereum rebounded. However, it is hard to believe that the crypto could reach a high of 4,025 without making a strong consolidation. ETH/USD could register a larger downside movement if it drops and stabilizes under the median line (ML).
A new buying opportunity could appear only if ETH/USD consolidates above the 3,330 level and if the crypto stays above the median line (ML).
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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