ETH/USD continues to move sideways in the short term, that's why we need to wait for a fresh trading opportunity. It was trading at 1,307 at the time of writing. It has changed little only because Bitcoin seems undecided as well.
Ethereum dropped by 6.19% from last week's high of 1,383 to 1,298 today's low. Technically, the rate cannot continue to move in this narrow range indefinitely, so the rate could explode soon.
ETH/USD Sideways Movement!
ETH/USD is trapped between 1,407 and 1,253 levels. It could continue to move sideways within the current range in the short term. Escaping from this pattern could bring new trading opportunities.
False breakouts could signal a valid breakout in the opposite direction. Technically, the downside pressure remains high as long as it stays under the descending pitchfork's upper median line (uml).
ETH/USD Forecast!
A valid breakdown below 1,253 activates more declines and brings short opportunities.
False breakouts below 1,281 - 1,253 and through the uptrend line may signal new bullish momentum. A larger growth could be activated by a valid breakout above 1,407 and through the downtrend line.
