ETH/USD drops on the H4 chart as the bearish pressure remains high. The price of Bitcoin maintains a bearish bias, a deeper drop could push the altcoins down. Ethereum signaled that the buyers are exhausted in the short term, but it's premature to talk about a new leg higher.
ETH/USD dropped by 2.59% from yesterday's high of 2,980 to 2,903 today's low. In the short term, it has developed a range pattern. It remains to see if this will be a distribution or an accumulation pattern.
ETH/USD Bearish Bias Intact!
ETH/USD is trapped between 2,798 and 3,038 levels. As long as it stays under the upper median line (uml) of the descending pitchfork, the altcoin could drop deeper towards 2,798 anytime.
Technically, its failure to stabilize under the median line (ml) signaled that the downside movement could be over soon. Still, only escaping from the descending pitchfork's body could announce a potential leg higher.
ETH/USD Forecast!
Another false breakdown below 2,798 could signal new bullish momentum. A larger upwards movement could be activated if ETH/USD makes a valid breakout above the upper median line (uml) and through the 3,038 static resistance.
