Ethereum is trading in the red at 1,881 at the time of writing and it seems very heavy as the price of Bitcoin turned to the downside as well. Still, the sell-off could be only temporary before developing a new leg higher.
ETH/USD dropped by 3.22% from yesterday's high of 1,938 to 1,876 today's low. The altcoin is down by 0.51% in the last hour, by 1.04% in the last 24 hours, and by 1.38% in the last 7 days.
ETH/USD Sellers In Control!
Technically, the rate increased a little in the short term but failed to hit the median line (ml) in the last two attempts. It moves somehow sideways in the short term.
It's trapped between the 23.6% (1,960) and the 38.2% (1,848) retracement levels. Still, after its failure to stay below the 38.2% retracement level, the altcoin signaled that the correction ended.
ETH/USD Outlook!
In the short term, the rate could test and retest the 38.2% (1,848) downside obstacle again. A new higher high, a bullish closure above the 23.6% (1,960) activates further growth and is seen as a bullish signal.
