ETH/USD dropped a little in the short term after reaching 1,942. Now, it was trading at 1,856 at the time of writing. After its strong growth, a retreat was natural as the price could try to test and retest the immediate support levels before jumping higher again.
Ethereum dropped by 5.15% from 1,942 Wednesday's high to 1,842 today's low. The altcoin retreated as the BTC/USD dropped a little.
ETH/USD Temporary Retreat!
As you can see on the H4 chart, ETH/USD found resistance right above the weekly R1 (1,935) and now it has reached the 1,846 static support (resistance turned into support). The bias remains bullish as long as it stays above the median line (ml).
After escaping from the range pattern, the altcoin signaled an upside continuation. Now, it has dropped a little trying to confirm the breakout.
ETH/USD Forecast!
Testing and retesting the 1,846 downside obstacle and the median line (ml), registering only false breakdown should announce a new bullish momentum. This scenario is seen as a buying opportunity.
