ETH/USD slipped lower in the short term and is now trading at 1,851 at the time of writing. After a strong rally, a retreat was natural. The rate could test and retest the immediate support levels before jumping higher.
It has dropped by 1.50% from yesterday's high of 1,875 to today's low of 1,847. Bitcoin's current sell-off forced the altcoin to drop as well. Ethereum is down by 0.52% in the last 24 hours but it's up by 0.93% in the last 7 days.
ETH/USD Minor Retreat?
As you can see on the H4 chart, the rate registered only false breakdowns below the 1,816 level signaling that the downside movement has ended.
It has rallied but it has failed to take out the weekly R1 (1,866). The altcoin continues to challenge the upper median line (UML). Taking out this dynamic resistance may announce a new sell-off.
ETH/USD Outlook
A new higher high and a valid breakout of 1,875 will activate further growth and is seen as a bullish signal.
