Ethereum rallied in the short term as the price of BTC/USD rebounded. ETH/USD is trading at 3,095 at the time of writing below 3,132 today's high. It has registered an 8.77% growth from yesterday's low of 2,880 to today's high.
In the last 24 hours, the altcoin is up by 3.40% and by 2.47% in the last 7 days. Technically, ETH signaled that the downside movement is over but we still need strong confirmation that it will develop a larger growth.
ETH/USD Lifted By Bitcoin!
As you can see on the H4 chart, ETH/USD found support on the 61.8% (2,880) and on the S1 (2,887). It has failed to reach and retest the descending pitchork's lower median line (lml) signaling that the sellers are exhausted.
Now, it has jumped above the weekly pivot point of 3,051 and above the ascending pitchfork's median line (ML) which represented upside obstacles. As long as it stays above the median line, ETH/USD could resume its growth.
A new higher high, a valid breakout above 3,145 and above the R1 (3,152) could announce further growth. Also, escaping from the descending pitchfork's body may signal larger growth.
ETH/USD Outlook!
Ether seems determined to resume its growth after ignoring the weekly pivot point of 3,051 and the median line (ML).
