Ethereum is moving sideways in the short term. It was trading at the 1,133 level at the time of writing. ETH/USD is undecided as the price of Bitcoin has got stuck inside a range as well. The price action developed a bearish pattern. Still, formation is far from being confirmed, that's why we have to be careful and wait for a fresh trading opportunity.
In the last 24 hours, ETH/USD is up by 3.60% and by 2.16% in the last 7 days. As you already know, the bias remains bearish. Ethereum is trapped within an extended sideways movement between 1,281 and 905 levels.
ETH/USD Seems Undecided!
As you can see on the H1 chart, ETH/USD is trapped between 1,172 and 1,075 levels in the short term. The price action developed an up-channel pattern. This formation could announce a new sell-off.
Still, as long as it stays above the uptrend line, the altcoin could jump higher. It has changed little in the short term. Most likely it will extend its sideways movement before registering a strong move in one direction.
ETH/USD Forecast!
Staying above the pivot point (1,102), above the uptrend line, and making a new higher high, a valid breakout above 1,172 could signal potential further growth towards 1,281.
Staying below 1,172 and making a new lower low, dropping and closing below 1,075 and below the uptrend line could activate a new sell-off. This scenario could bring new selling opportunities.
