ETH/USD extended its sideways movement and it seems undecided. It's located at 1,632 at the time of writing. In the short term, it could continue to move sideways. The altcoin is ranging as BTC/USD changed little in the short term.
In the last 24 hours, ETH/USD is up by 0.67%, but it's down by 2.12% in the last 7 days. Bitcoin's rally or a downside continuation should bring strong moves here on ETH/USD as well.
ETH/USD undecided
As you can see on the H4 chart, the rate dropped below the minor uptrend line, signaling more declines. You knew from my previous analysis that failing to reach and retest the downtrend line announced strong sellers.
Technically, the 1,602 immediate low represents a key downside obstacle. As long as it stays above it, the rate could try to come back higher towards the downtrend line.
ETH/USD forecast
Dropping and closing below 1,602, a new lower low activates more declines and is seen as a bearish signal.
