Ethereum rallied today after retesting downside obsatcles. In the short term, the crypto dropped a little after its most recent rally. Technically, the price action signaled that the downside is over and that the buyers could take it higher. ETH/USD is traded at 2,796.93 at the time of writing.
ETH/USD registered a 10.23% growth from 2,570 today's low to 2,833 daily high. Bitcoin's growth helped the altcoin to grow as well. Fundamentally, the geopolitical tensions and the potential sanctions could bring more traders and companies to the crypto market.
ETH/USD Retested The Buyers!
ETH/USD dropped a little to retest the downtrend line. It has found support right on the weekly pivot point (2,598.74). Now, it's located right below the 2,830.01 static resistance. It remains to see how the rate will react here around this upside obstacle.
Technically, today's growth signaled strong buyers and potential further growth. A new higher high could announce a potential upside continuation.
ETH/USD Outlook!
A valid breakout above the weekly R1 (2,899.15) could activate a larger growth.
