30.03.2023 07:29 PM
Ethereum: upside continuation pattern

Ethereum continues to move sideways in the short term. It's trading at 1,788 at the time of writing and it seems undecided. The bias is bullish and, so the current range pattern may announce an upside continuation.

ETH/USD increased by 8.41% from Monday's low of 1,687 to 1,829 today's high. In the last 24 hours, the altcoin is down by 1.24% and by 3.16% in the last 7 days.

ETH/USD Bullish Bias!

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ETH/USD is trapped between the 1,706 and 1,846 levels. As you can see on the H4 chart, the rate jumped above the descending pitchfork's upper median line (UML) signaling that the retreat ended and that the bulls could take the lead.

Now, it tries to confirm its breakout by testing and retesting the upper median line (UML) and the weekly pivot point (1,783).

ETH/USD Forecast!

A new higher high, a valid breakout through 1,846 validates further growth and is seen as a buying opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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