ETH/USD is trading in the green at 1,616 at the time of writing and it seems determined to jump higher. The price action signaled exhausted sellers, so a rebound could be incards. Still, only Bitcoin's rally should force the altcoin to hit new highs in the short term.
In the last 24 hours, Ethereum is up by 1.52% but it's down by 0.17% in the last 7 days. The bias is bearish, so a new leg higher needs strong confirmation.
ETH/USD Imminent Breakout!
As you can see on the H4 chart, the rate is trapped between 1,542 and the downtrend line. Its failure to reach and retest the 1,542 key downside obstacle signaled exhausted sellers.
Now, it is targeting the downtrend line and the 1,632 former high. As long as it stays below these obstacles, the rate could come back down.
ETH/USD Outlook!
Jumping and closing above the downtrend line and above 1,632 validates further growth. This is seen as a long opportunity.
