FX.co ★ Ethereum Remains A Buy!

Ethereum is traded above 1,500 psychological level at 1,563 continuing to fight to stay higher after its most recent corrective phase. Technically, the crypto has managed to jump above immediate upside obstacles signaling the buyer's optimism.

Despite the short-term rebound, the pressure remains high, that's why we need confirmation that ETH/USD resumes its major uptrend. Bitcoin is bullish, so a further increase could signal that the crypto market will grow as well, Ethereum will be expected to jump higher if this scenario takes shape.

ETH/USD Confirming The Breakout!

ETH/USD has jumped above the fourth warning line (WL4) and beyond the Pivot Point (1,549) level signaling a breakout. It has increased as much as 1,658 before dropping to test and retest the pivot point, the uptrend line, and the WL4.

I've told you in a previous analysis that Ethereum could resume its major uptrend if it makes a valid breakout above WL4 and if it comes back above the red uptrend line. As you already know from my analyses, a larger corrective phase was invalidated by the false breakdown through 1,352.

Trading Conclusion!

Jumping and closing above 1,658 former higher high represents a bullish signal. The R1 (1,808) could be used as the first upside target if ETH/USD continues to increase.