Ethereum dropped as much as 1,833 today, registering a new low. You knew from my previous analysis that the altcoin could approach and reach new lows after taking out the immediate support levels. It's trading at 1,848 at the time of writing and it could hit fresh new lows if BTC/USD drops deeper.
It has dropped by 3.75% from 1,904 yesterday's high to 1,833 today's low. In the last 24 hours, the altcoin is down by 2.79% and by 1.90% in the last 7 days.
ETH/USD Outlook!
I've told you in my previous analysis that dropping below the downside sliding line (sl) announced more declines ahead. 1,874 represented a downside obstacle. As you can see on the H4 chart, the rate dropped below it, opening the door for a deeper drop.
After its strong sell-off, we cannot exclude temporary rebounds. Technically, bouncebacks could bring us new short-selling.
ETH/USD Outlook!
Dropping and closing below Saturday's low of 1,853 activated more declines. The lower median line (lml) of the ascending pitchfork represents a potential target.
