Ethereum dropped as expected after making a new lower low. You knew from my analyses that the ETH/USD maintains a bearish bias and it could extend its sell-off anytime. ETH/USD was trading at 1,207 at the time of writing.
ETH/USD rebounded after reaching 1,074 today's low. It's up by more than 12% from the daily low. The bias remains bearish. In the short term, the altcoin could retest the immediate resistance levels before dropping deeper.
ETH/USD Massive Bearish Pressure!
You knew from analyses that a breakdown below 1,728 - 1,701 support zone is imminent. I've told you that a valid breakdown from the triangle pattern may open the door for a larger drop.
Now, it has found temporary support at the descending pitchfork's lower median line (lml). It has registered only a false breakdown with great separation through this dynamic support signaling exhausted sellers.
ETH/USD Forecast
A new higher high, a valid breakout above the 1,281 could signal a larger rebound after the massive drop.
On the other hand, a new lower low, dropping and closing below the 1,074 could activate more declines and could bring new short opportunities.
