The price of Ethereum rallied in the short term as BTC/USD edged higher. You knew from analyses that Bitcoin's growth should force the altcoins to grow as well. Now, it's trading at 1,940 at the time of writing.
The altcoin increased by 8.91% from yesterday's low of 1,802 to 1,963 today's high. Still, after such an impressive rally, we cannot exclude a minor drop. An upside continuation needs confirmation.
ETH/USD Strong Rally!
ETH/USD failed to stay below the 1,846 downside obstacle and now it has rallied. It is challenging the confluence area formed at the intersection between the median line (ML), the weekly pivot point of 1,937 and 1,942.
A valid breakout activates an upside continuation. On the contrary, false breakouts may announce a new sell-off.
ETH/USD Outlook!
Making a valid breakout through the confluence area and registering a bullish closure above 1,982 confirm further growth ahead.
