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23.03.2023 03:28 PM
ETH/USD: bullish bias intact above 1,706

ETH/USD moves somehow sideways in the short term and it seems undecided. It's trading at 1,754 at the time of writing. After its strong growth, a short-term retreat was natural. The price could try to test and retest the immediate support levels before developing a new bullish momentum.

The altcoin increased by 2.82% from yesterday's low of 1,715 to 1,763 today's high. Technically, the bias remains bullish, further growth is still in cards.

Ethereum Range Pattern!

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ETH/USD is still trapped between 1,846 and 1,706 levels. Escaping from this pattern could bring new opportunities. The bias remains bullish as long as it stays above the median line (ML) of the ascending pitchfork.

ETH/USD failed to stay below the weekly pivot point of 1,734 signaling strong upside pressure.

ETH/USD Outlook!

A false breakdown below the median line (ml) and through 1,706 should announce a new bullish momentum. This is seen as the first buying opportunity. Also, a new higher high, a valid breakout above 1,846 validates further growth towards the upper median line (UML).

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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