The price of Ethereum crashed in the short term and now is trading at 1,808 at the time of writing. Technically, the price reached strong downside obstacles, so we cannot exclude a new leg higher.
ETH/USD dropped by 5.96% from Wednesday's high of 1,900 to 1,786 today's low. Bitcoin's sell-off forced the altcoin to drop as well. BTC/USD stands above strong downside obstacles as well.
ETH/USD Sideways Movement!
ETH/USD crashed after retesting the median line (ML) and now it has reached the lower median line (LML) and the 1,787 static support. It remains to see how it reacts around these downside obstacles.
False breakdowns may announce that the sell-off could be over. On the other hand, a valid breakdown through the immediate downside obstacles may announce more declines.
ETH/USD Outlook!
False breakdowns could bring new long opportunities, while a valid breakdown could be seen as a new bearish signal.
