Ethereum dropped a little but the bias remains bullish. After its strong growth, a temporary retreat was natural. It could test and retest the near-term support levels before jumping higher. It was trading at 1,618 at the time of writing.
ETH/USD dropped by 5.69% from a new higher high of 1,680 registered on Saturday 21 to yesterday's low of 1,584. Bitcoin could resume its growth despite temporary retreats, so the altcoin could jump higher as well.
ETH/USD Flag Formation!
ETH/USD found resistance right above the 1,676 historical level. It has registered only a false breakout. Now, it has found support on the weekly pivot point (1,603) and on the upper median line (uml).
1,591 represents static support as well. So, as long as ithe price stays above these levels, the altcoin could develop a new bullish momentum.
ETH/USD Outlook!
A valid breakout above the flag's resistance (downtrend line) and above 1,647 activates further growth and brings new longs.
