Ethereum rallied in the short term, registering a new high of 1,942. Now, it has retreated a little and is trading at 1,890. The bias remains bullish despite a temporary retreat. The rate could only test and retest the immediate support levels before jumping higher.
ETH/USD increased by 10.09% from 1,764 Monday's low to 1,942 today's high. The altcoin is up by 1.70% in the last 24 hours and by 5.01% in the last 7 days.
ETH/USD Bullish Bias Intact!
As you can see on the H1 chart, the rate escaped from the extended range between 1,706 and 1,846 confirming further growth. Still, after its amazing rally, a short term retreat is natural.
The bias is bullish as long as it stays above the median line (ml) of the ascending pitchfork. It has found resistance at the R2 (1,935) and now it could come back to test and retest the R1 (1,865) and the 1,846 static support.
ETH/USD Outlook!
The median line (ml) represents a dynamic support, so as long as it stays above it, ETH/USD could continue to grow. Testing and retesting the R1 or 1,846 and registering only false breakdowns may announce a new bullish momentum. The upper median line (UML) is seen as a major target and resistance if the rate continues to grow.
