empty
 
 
12.08.2022 08:59 PM
Ethereum accumulates more bullish energy

Ethereum changed little in the short term as it tries to consolidate the latest gains. It was trading at the 1,900 psychological level at the time of writing. The bias is bullish, so further growth is in cards.

In the last 24 hours, ETH/USD is up by 0.80% and by 13.81% in the last 7 days. Bitcoin dropped in the short term but now it tries to come back higher. BTC/USD's rally should force Ethereum to resume its growth as well.

ETH/USD Still Bullish!

This image is no longer relevant

Technically, the price tested and retested the R2 (1,861) and now it is challenging the 1,919 key resistance. As long as it stays above the uptrend line, the altcoin could approach and reach new highs.

Its false breakdown below the uptrend line invalidated a downside scenario and signaled an upside continuation.

ETH/USD Outlook!

A valid breakout above 1919.00 static resistance could signal further growth towards the 2,000 psychological level. Taking out the resistance represented by the R3 (1,972) could announce a larger drop towards 2,160.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback