Ethereum plunged in the short term after failing to confirm a larger growth. ETH/USD is trading at 2,811 at the time of writing. It has dropped by 12.02% from Thursday's high of 3,179.
Bitcoin's sell-off forced the price of Ethereum to drop as well. After its current drop, only a temporary rebound could bring new short opportunities. In the last 24 hours, ETH/USD is down by 4.29% and by 2.73% in the last 7 days.
ETH/USD Temporary Rebound Ended!
As you can see on the H4 chart, ETH/USD found resistance at the 38.2% (3,147) retracement level. Its failure to take out this level and to make a valid breakout above the descending pitchfork's lower median line (lml) signaled that the altcoin could drop again anytime.
The bearish was bearish as long as it was trading below the upper median line (uml). Now, it has escaped from the ascending pitchfork's body and it dropped below the median line (ml) again which represented dynamic support.
ETH/USD Outlook!
Testing and retesting the 61.8% (2,880) and the median line (ml) could bring new selling opportunities. As long as it stays under the median line could signal a potential drop towards the S2 (2,694) and down to the lower median line (lml).
