Ethereum rallied in the short term as the price of Bitcoin also turned to the upside. ETH/USD was trading at 1,195 at the time of writing. The altcoin increased by 13.13% from Tuesday's low of 1,074 to 1,215 today's high.
BTC/USD's larger rebound should help the altcoins to register significant growth. In the last 24 hours, the altcoin increased by 2.53% but it's down by 0.38% in the last 7 days.
ETH/USD Flag Formation!
As you can see on the H1 chart, the rate jumped above the downtrend line and above the weekly pivot point of 1,187 signaling that the downside movement ended and that the rate could develop a larger swing higher.
After its strong rally, it could try to test and retest the near-term support levels. False breakdowns could signal new bullish momentum.
ETH/USD Forecast!
A new higher high after testing and retesting the support levels could open the door for more gains. This is seen as a buying setup as well.
