ETH/USD drops at the time of writing after failing once again to take out the immediate resistance levels. It's trading at 3,101 at the time of writing far below 3,179 today's high. Ethereum dropped as the price of Bitcoin retreated after its strong growth.
Technically, ETH/USD rebounded but this could be only a temporary one. The downside pressure remains high, a larger growth is far from being confirmed. Despite the current drop, ETH/USD is up by 1.32% in the last 24 hours and by 2.73% in the last 7 days.
ETH/USD Buyers Exhausted!
ETH/USD registered another false breakout through the 38.2% (3,147) and above the weekly R1 (3,152) signaling that the buyers are exhausted. As long as it stays above the ascending pitchfork's median line (ML), the altcoin could still try to resume its growth.
Technically, as long as it stays under the descending pitchfork's upper median line (uml), it could drop anytime. Failing to reach the upper median line (uml) signals strong downside pressure.
ETH/USD Outlook!
A new higher high, a valid breakout above the 3,179 and above the upper median line (uml) of the descending pitchfork may validate further growth and could bring long opportunities.
A new lower low, dropping, and closing below 3,089 may signal a downside move towards the lower median line (LML) of the ascending pitchfork.
