The price of Ethereum rebounded after reaching the 2,950 level. Still, the bounce back could be only a temporary one. ETH/USD could only test and retest the immediate resistance levels before dropping deeper as the bias remains bearish.
Today, Ethereum increased by 4.73% from today's low of 2,950 to 3,089 today's high. After its massive drop, a temporary rebound was somehow expected. The altcoin tries to rebound as the price of Bitcoin rebounded in the short term.
ETH/USD Temporary Rebound!
Technically, the currency pair found support on the descending pitchfork's lower median line (lml) which stands as a dynamic support. Now, it challenges the weekly S1 (3,045), the 50% (3,037) retracement level, and the 3,045 key level.
As long as it stays under the descending pitchfork's median line (ml), the bias is bearish. Retesting the median line (ml) could bring new short opportunities.
ETH/USD Outlook!
In the short term, Ethereum could register a temporary rebound. This could bring new short opportunities. Stabilizing below 3,045 may signal a downside continuation at least towards 2,900. It could come back to test and retest the lower median line (lml).
