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Forex Analysis & Reviews: Ethereum attracts more buyers
time 30.11.2022 03:14 PM
time Relevance up to, 01.12.2022 03:14 PM

The price of Ethereum edged higher after ignoring the immediate resistance levels. It has climbed as much as 1,282 today registering a new high. Now, it has retreated a little and is trading at 1,264.

ETH/USD increased by 11.48% from Monday's low of 1,149 to 1,281 today's high. After its strong growth, the rate could try to test and retest the immediate support levels trying to accumulate more bullish energy before jumping higher.

ETH/USD Strong Rally!

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You knew from my previous analysis that ETH/USD could develop a new upside movement as long as it stays above the uptrend line and after escaping from the down-channel pattern. It has ignored the minor downtrend line and the 1,215 and now it stands right below the channel's upside line.

After its growth, a temporary retreat is natural also because BTC/USD retreated a little in the short term.

ETH/USD Forecast!

Staying above the R1 (1,259) and making a new higher high and a valid breakout through the upside line activates further growth. This is seen as a new long opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
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