ETH/USD is trading in the red at 1,487 at the time of writing and it seems determined to approach new lows. Technically, it has signaled exhausted buyers, so a larger correction is natural.
The altcoin could come back down trying to attract more buyers before developing a new bullish movement. ETH/USD dropped by 13.45% from last week's high of 1,696 to 1,468 today's low. In the last 24 hours, the altcoin is down by 3.59% and by 9.49% in the last 7 days.
ETH/USD Strong Sellers!
ETH/USD failed to take out the 1,676 resistance and now it has turned to the downside. Now, it has dropped and closed below the 1,506 downside obstacle signaling more declines.
Personally, I've drawn a major descending pitchfork. As long as it stays below the upper median line (uml), the rate could extend its drop.
ETH/USD Outlook!
Breaking below 1,506 activates more declines and was seen as a short opportunity.
