Ethereum resumed its temporary rebound and now is trading at 3,850.42 level. Today, it has climbed as high as 3,892.36. ETH/USD rebounded as the price of Bitcoin has managed to bounce back after its last drop.
Ethereum is up by 2.06% in the last 24 hours and by 1.04% in the last 7 days. The Market Cap increased by 2.31% while the Volume rose by 22.26% in the last 24 hours. Technically, the pressure remains high as the crypto is traded below a strong downtrend line.
ETH/USD Upside Pressure!
ETH/USD found support below the 3,640.60 static support and now is about to reach the downtrend line. It is challenging the weeky pivot point of 3,848.85. As long as it stays under the downtrend line, the price could turn to the downside again.
The price failed to reach the descending pitchfork's median line (ML) signaling a potential leg higher towards the upper median line (UML). This scenario could take shape if the price makes a valid breakout above the immediate downtrend line.
ETH/USD Outlook!
A valid breakout above the downtrend line may announce a leg higher and could offer new long opportunities. On the other hand, failing to reach the downtrend line or registering a false breakout above if may announce a new bearish momentum.
