Ethereum is trading at the 3,157.92 level at the time of writing. In the short term, it is moving somehow sideways as the price of Bitcoin is undecided as well. The crypto dropped in the short term as BTC/USD slipped lower. As you already know, we have a strong correlation between the price of bitcoin and the altcoins.
In the last 24 hours, ETH/USD is down by 0.35% and by 2.37% in the last 7 days. Still, the trading volume increased by 14.82% in the last 24 hours. Technically, the bias remains bearish.
ETH/USD Seems Undecided!
As you can see on the h4 chart, ETH/USD is trapped within a down channel and also between 3,470.02 and 3,000 levels. In the short term, it could move sideways. Staying above 3,000 psychological level may announce a potential breakout above the downtrend line.
The down channel pattern could represent a bullish reversal pattern. Still, as long as it stays under the downtrend line, ETH/USD could extend its downside movement.
ETH/USD Prediction!
Ethereum could develop a range pattern in the short term. A buying opportunity could be signaled by a valid breakout above the downtrend line or by a strong bullish pattern around the 3,000 psychological level.
A larger downside movement could be signaled and confirmed by a valid breakdown below the 3,000 psychological level.
