FX.co ★ Ethereum temporary retreat, bullish outlook intact

Ethereum is trading in the red at 3,132.82 at the time of writing. Today, it has increased as much as 3,284.75 where it has found resistance. Now, it has retreated, ETH/USD could test and retest the immediate support levels before jumping higher.

ETH/USD dropped by 5.95% from today's high of 3,284.75 to 3,089.39 daily low. Technically, the bias remains bullish despite temporary drops and retreats. The cryptocurrency dropped a little as the price of Bitcoin retreated.

ETH/USD Could Retest The Buyers!

Technically, the bias remains bullish even if it comes back to test and retest the downtrend line or the up channel's support. As long as it stays within the ascending channel's body, ETH/USD could resume its growth.

Failing to retest the support levels followed by a valid breakout above the weekly R1 (3,264.19) could activate further growth. This scenario could bring new long opportunities. Also, retesting the support levels could offer good long signals.

ETH/USD Outlook!

The breakout above the downtrend line was confirmed, so further growth is in cards. Jumping and stabilizing above the weekly R1 (3,264.19) could validate an upside continuation. A strong upwards movement could be confirmed by a valid breakout above the channel's upside line.