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Ethereum increased a little from 2,306.02 low and now is located at 2,542.47 level. Unfortunately, the selling pressure remains high as the price stands below strong resistance levels.
ETH/USD moves somehow sideways in the short term, so we have to wait for something before deciding to go long. Personally, I believe it's risky to go short from here as the crypto market could increase again after the last drop.
ETH/USD is trapped between the weekly pivot point (2,623.81) and the S1 (2,359.30). The selling pressure is high as long as it stays below the downtrend line. So, only a potential valid breakout above it could announce a potential growth.
The price could drop if the price of Bitcoin drops as well. Technically, the price could decrease a little to test and retest some support levels before really developing a new leg higher.
Dropping and closing below the S1 (2,359.30) could signal a further decline towards 2,040.62.
On the other hand, closing above the pivot point (2,623.81) could signal a potential upside breakout through the downtrend line. A new higher high, a bullish closure above 2,850 could signal a breakout through the 3,000 level.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
