Ether rebounded in the short term. Now, it is trading at 1,217. Technically, the swing higher could be only short-lived. The bias remains bearish, so temporary rebounds could bring us new short opportunities.
In the last 24 hours, ETH/USD is up by 0.09% and by 0.53% in the last 7 days. BTC/USD's downside movement should force ETH/USD to drop as well.
ETH/USD Temporary Growth?
Technically, the price rebounded and developed a Rising Wedge pattern. This could announce a new sell-off. Still, this formation is far from being confirmed. As long as the rate stays above the uptrend line, ETH/USD could resume its growth. It could approach the descending pitchfork's upper median line (uml).
The 1,236, R1 (1,252), and the upper median line (uml) represent resistance levels and upside obstacles.
ETH/USD Outlook
A valid breakdown below the uptrend line and below 1,196 activates the Rising Wedge and validates a downside movement. This is seen as a short opportunity as well.
