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Ethereum rallied in the short term and now is trading at 1,722 at the time of writing. The altcoin was expected to turn to the upside after its last sell-off. ETH/USD increased by 9.46% from Wednesday's low of 1,614 to 1,767 today's high.
In the last 24 hours, ETH/USD is up by 3.50% and by 21.43% in the last 7 days. BTC/USD's further growth should help the price of Ethereum to approach and reach new highs as well.
Technically, the last retreat was natural after its amazing rally. It has retested the broken downtrend line. You knew from my previous analysis that the retreat could be over above the downtrend line.
The price came back to retest it trying to confirm its breakout before resuming its growth. Now, it has reached the weekly R2 (1,762) where it has found resistance again.
A valid breakout above 1,789 activates further growth and is seen as a buying opportunity.
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