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Ethereum ended its sell-off after reaching yesterday's low of 1,932. Now, it has turned to the upside and is located at 2,025 at the time of writing. The USD's depreciation helped the price to rebound.
The bias remains bullish despite the last drop. Actually, the retreat was natural after the last swing higher. In the last 24 hours, the altcoin is up by 1.29% and by 7.05% in the last 7 days.
From the technical point of view, ETH/USD found resistance at the channel's upside line, failing to reach the 2,140 historical level (upside obstacle).
It has dropped in the short term and it has reached the uptrend line which represents a dynamic resistance. It has registered only a false breakdown with great separation signaling strong upside pressure.
As long as it stays above the uptrend line, the bias remains bullish. Coming back to retest the uptrend line and the 23.6% retracement level should bring new longs. The upside scenario could be invalidated only if the rate drops and closes below the uptrend line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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