Ethereum was trading in the red at 1,280 at the time of writing. The bias bearish remains intact, so more declines are expected. It has changed little in the short term as the BTC/USD pair is undecided as well. A clear direction in Bitcoin could bring new trading opportunities to Ethereum.
In the last 24 hours, ETH/USD dropped by 3.25%. Technically, the pair may continue to move sideways before developing a strong move in one direction.
ETH/USD Attracts More Sellers!
As you can see on the H4 chart, the pair is moving sideways after retesting the broken uptrend line. The bias remains bearish as long as it stays under the descending pitchfork's median line (ml).
The 1,281-1,255 represent a support zone. The 1,218 stands as static support, only a new lower low could activate more declines.
ETH/USD Forecast!
A new lower low, dropping, and closing below 1,218 may activate a larger drop and bring new short opportunities.
On the other hand, staying above the demand zone and making a new higher high, and jumping above the R1 (1,393) may activate further growth.
