ETH/USD rallied in the short term and now it approaches a strong resistance area. It was trading at 1,222 at the time of writing. Ethereum edged higher as BTC/USD jumped higher. The altcoin increased by 23.07% from Wednesday's low of 1005.25 to 1,237 today's high.
ETH/USD rebounded but the bias remains bearish. A larger growth needs confirmation. In the last 24 hours, Ethereum is up by 7.40% but it's down by 1.00% in the last 7 days. The price action signaled exhausted buyers.
ETH/USD 1,281 Key Level!
ETH/USD found strong support on the 1,012 level and now it tries to approach the 1,281 key static resistance. It's trapped within an extended sideways movement. Only escaping from this range could bring new opportunities.
Its failure to come back towards the 905.00 psychological level signaled an oversold situation and a potential upside movement.
ETH/USD Outlook!
A valid breakout above 1,281, jumping, closing, and stabilizing above this level could activate further growth. This scenario helps the buyers to jump in again.
Trading analysis offered by RobotFX and Flex EA.
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