Ethereum rebounded after a new temporary decline. It's trading at 2,458.7 level and it seems determined to approach the 2,645 all-time high soon if the price of Bitcoin resumes its growth.
As you already know from my analyses, Ethereum is bullish and it could resume its major uptrend after ending the current consolidation. The downside seems limited after the price's failure to approach the immediate critical support levels.
ETH/USD Upside Momentum!
ETH/USD failed to approach and reach 2,040 static support signaling strong buyers. It moves somehow sideways in the short term around the up channel's resistance. An upside valid breakout is imminent if the price stays near the upside line and close to the weekly R1.
Personally, I believe that a minor consolidation above the weekly pivot (2,340) could signal a could bring a long opportunity. The upside line and the R1 (2,627) are seen as strong resistance levels.
A valid breakout should signal a larger growth in the upcoming period. On the other hand, a new false breakout above the upside line could bring a new sell-off.
Ethereum Forecast!
ETH/USD failure to stabilize under the second warning line (WL2) or to approach 2,040 support indicates a potential growth towards fresh historical highs. Consolidating above the weekly pivot (2,340), test and retest, could bring us a good long opportunity.
Also, a valid breakout above the upside line and through the R1 (2,627), a new higher high, could really confirm more gains.
