Ethereum dropped significantly since yesterday. ETH/USD registered a 6.55% drop from yesterday's high of 1,352 to 1,263 today's low. Still, the sell-off could be only temporary before developing a new leg higher.
In the last 24 hours, Ethereum is down by 5.74% and by 0.32% in the last 7 days. Bitcoin's sell-off forced the altcoin to drop as well.
ETH/USD Retesting The Buyers!
Technically, testing and retesting the uptrend line and the pivot point of 1,262, registering only false breakdowns may announce a new leg higher. The bias remains bullish as long as it stays above these downside obstacles.
After the current massive drop, we cannot exclude a rebound. The R1 of 1,306 and 1,310 represent the immediate resistance levels.
ETH/USD Forecast!
False breakdowns below the confluence area formed at the intersection between the uptrend line with the pivot point could announce a bullish momentum.
A valid breakdown through this confluence area activates more declines towards 1,215.
