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Ethereum edges higher after registering only a false breakdown through the 1,300 psychological level. The price was traded around a strong support area, so a bounce-back was in cards again.
I've told you my previous analysis Ethereum Near Critical Support! on Friday that ETH/USD could turn to the upside if it registers only a false breakdown or if the rate prints a major bullish engulfing.
ETH/USD registered only a false breakdown through 1,352 former low, failing to reach the third warning line (WL3). The bullish engulfing printed yesterday signals that the retreat is over and that the bulls will lead the rate higher again.
Now is almost to reach the Pivot Point (1,550) which represents an immediate upside target. Breaking above the Pivot Point and through the fourth warning line (WL4) signals that the price will continue to increase in the upcoming period.
Escaping from the down channel between WL3 and WL4 could bring a long opportunity as well. I believe that the upside scenario will be safe as long as ETH/USD stands above 1,400 - 1,352 area.
Buying could be signaled by a breakout and stabilization above 1,600 level. So, you could go long from above 1,600 using 2,040 all-time high as a target, while the Stop Loss could be hidden below 1,293 former low.
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