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Ethereum is trading in the red at 1,221 on the H1 chart at the time of writing. The bias remains bullish in the short term despite the current retreat. ETH/USD came back to test and retest the near-term downside obstacles before trying to resume its swing higher.
The altcoin dropped by 6.53% from today's high of 1,275 to 1,192 daily low. In the last 24 hours, Ethereum is down by 0.49% but it's up by 14.57% in the last 7 days. Bitcoin's further growth could push ETH/USD higher as well.
As you can see on the H1 chart, ETH/USD passed above the channel's upside line signaling further growth. It has failed to reach 1,281 hey resistance signaling exhausted buyers. Now, it has dropped to test and retest the immediate downside obstacles.
As long as it stays above the R1 (1,208) and above the channel's upside line, ETH/USD could jump higher.
A new higher high, a bullish closure above the 1,241 could activate further growth at least towards the 1,281 resistance. A larger upwards movement could be activated by a valid breakout above this level.
A new lower low, coming back below the 1,192 could activate a larger drop again and could invalidate an upside continuation.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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