Ethereum plunged in the short term after failing to move above the near-term upside obstacles. It was trading at 2,632 at the time of writing and it seems very heavy in the short term. ETH/USD dropped by 13.83% from 3,045 Wednesday's high to 2,623.85 today's low.
In the short term, it is strongly bearish, so more declines are on the cards. In the last 24 hours, Ethereum went down by 6.48% and by 2.15% in the last 7 days. Bitcoin's further drop could force ETH/USD to fall deeper.
ETH/USD Upside Invalidated!
ETH/USD failed to stay above the downtrend line and above the ascending pitchfork's median line (ml), announcing that the rebound ended. Dropping below the immediate uptrend line signaled more declines.
The bias remains bearish as long as the pair stays below the downtrend line. The next downside target is represented by the weekly pivot point of 2,598.23. The ascending pitchfork's lower median line (lml) stands as a critical dynamic support.
ETH/USD Outlook
The bias remains bearish after registering a false breakout above the downtrend line. A temporary rebound or a valid breakout below the lower median line (lml) could bring new short opportunities.
