The price of Ethereum rebounded in the short term but the bias remains bearish. It's trading at 1,570 at the time of writing and it seems ready to drop again. The price action developed a bearish formation, so more declines are natural.
In the last 24 hours, ETH/USD is down by 0.50% but it's up by 0.88% in the last 7 days. Bitcoin's deeper drop should drag the altcoin down as well.
ETH/USD 1,553 As Downside Obstacle!
From the technical point of view, ETH/USD developed a flag pattern (up channel) which is seen as a bearish formation.
Now, it has retested the broken uptrend line and now it has turned to the downside. 1,553 stands as a key downside obstacle.
ETH/USD Forecast!
Dropping below 1,553 activates more declines and is seen as a selling opportunity.
