Ethereum is located at 2,096 at the time of writing. It has dropped a little in the short term. Technically, after such an impressive growth, a retreat is natural. The bias is bullish, so the retreat could be only temporary.
The rate could test and retest the immediate support levels before trying to jump higher. BTC/USD jumped higher in the short term, that's why the altcoin could approach and reach new highs as well. ETH/USD is up by 3.64% in the last 24 hours and by 16.05% in the last 7 days.
ETH/USD Flag Formation!
Technically, the rate dropped but it has developed a minor flag pattern which is seen as a bullish formation.
Now, it has failed to stay below the weekly R3 of 2,080 signaling exhausted sellers and it has escaped from the bullish formation.
ETH/USD Outlook!
Testing and retesting the broken flag's resistance and the R3 of 2,080 could bring a new bullish momentum. This scenario brings new longs.
