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Forex Analysis & Reviews: Ethereum confirms its breakout
time 25.11.2022 07:48 PM
time Relevance up to, 26.11.2022 07:48 PM

ETH/USD retreated a little in the short term after its strong rally. The retreat was natural and now it has developed a bullish pattern. It was trading at 1,185 at the time of writing. It has increased by 2.33% from today's low of 1,170 to 1,198 today's high.

In the last 24 hours, ETH/USD is down by 1.23% and by 1.27% in the last 7 days. Bitcoin accumulates more bullish energy. An upside movement could help Ethereum to extend its growth.

ETH/USD New Flag Formation!

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From the technical point of view, ETH/USD retested the major broken downtrend line and now it has turned to the upside. In the short term, it has developed a flag pattern.

1,170 stands as a downside obstacle. The flag's resistance and the 1,215 represent upside obstacles.

ETH/USD Prediction!

ETH/USD could resume its growth if it makes a valid breakout through the flag's resistance. Still, a larger upside movement could be activated only by a new higher high, after it makes a valid breakout through the 1,215.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
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