ETH/USD is trading at 1,852 at the time of writing. It has increased by 3.46% from 1,816 yesterday's low to 1,879 today's high. You knew from my previous analysis that the altcoin could register only a temporary retreat after its amazing rally.
Technically, it has reached important downside obstacles signaling that the retreat could be over. ETH/USD is down by 1.20% in the last 7 days and by 0.37% in the last 24 hours.
ETH/USD New Swing Higher!
ETH/USD found support right above the inside sliding line (sl) and now it has turned to the upside. It challenges the median line (ml) which represents a dynamic resistance. 1,879 represents a static resistance.
In the short term, it could move sideways between 1,879 and 1,816 levels. Escaping from this potential formation should give us the chance to go long or short.
ETH/USD Forecast!
A new higher high, a bullish closure above 1,879 validates a new swing higher and is seen as a bullish signal.
