The price of Ethereum moved sideways in the short term as BTC/USD is ranging as well. Technically, the price action signaled exhausted sellers but an upside movement needs strong confirmation, that's why it's premature to talk about a new swing higher.
You already know from my Bitcoin analyses that the BTC/USD could try to develop a new leg higher. This scenario could help the altcoin to develop an upside movement as well. ETH/USD was trading at 1,369 at the time of writing. It has increased by 9.45% from Wednesday's low of 1,253.
ETH/USD Range Formation!
Technically, after dropping below the uptrend line, ETH/USD was somehow expected to extend the downside movement. Its failure to make a new lower low, to take out the 1,281 - 1,255 support zone signaled exhausted sellers.
Also, it has failed to stabilize under the median line (ml). Now, it has rallied and it seems determined to approach and reach the 1,407 key resistance.
ETH/USD Outlook!
ETH/USD is bullish in the short term, a valid breakout above 1,407 activates further growth at least towards the upper median line (uml). An upside breakout from the current range could bring long opportunities.
