Ethereum was trading in the red at the time of writing. It has rebounded in the short term but it seems that the throwback ended and that the bears took full control again. ETH/USD was located at 1,479 far below 1,606 today's high.
ETH/USD dropped by 8.33% from today's high to today's low of 1,472. In the last 24 hours, the altcoin is down by 2.94% and by 9.40% in the last 7 days.
ETH/USD New Sell-Off!
ETH/USD retested the downtrend line which represents an upside obstacle and now it could approach and reach the 1,424 former low. As long as it stays under the downtrend line, the bias is bearish.
It remains to see how it will react around the 1,424 downside obstacle. Staying above it and making a valid breakout above the downtrend line invalidates a deeper drop and announces an upside movement.
ETH/USD Forecast!
Dropping and closing below 1,424 could activate more declines and could bring new short opportunities.
