Ethereum rallied in the short term as the price of Bitcoin edged higher. In the short term, it moves sideways, that's why we have to wait for fresh trading opportunities before taking action.
It's located at 2,035 at the time of writing. ETH/USD increased by 6.29% from today's low of 1,930 to 2,051. In the last 24 hours, the altcoin is up by 2.48% and by 1.51% in the last 7 days.
ETH/USD Downside Invalidated
Technically, Ethereum is trapped between 1,932 and 2,082 levels. The false breakdown with great separation below 1,932 announced exhausted sellers and invalidated a larger drop even if the rate escaped from the up channel pattern.
It remains to see what happens around the 2,082 and near the uptrend line. False breakouts could still signal a larger drop (corrective phase).
Ethereum Forecast
Jumping and closing above 2,082 activates further growth. False breakouts may announce a new sell-off. Still, only a new lower low, dropping and closing under 1,932 validates a larger drop.
