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28.03.2023 04:38 PM
Ethereum: range pattern underway

ETH/USD is moving sideways in the short term as BTC/USD has been also trading flat lately. Technically, the altcoin signaled exhausted sellers in the short term and now is fighting hard to rebound and recover after its last drop. BTC/USD's deeper drop should force the altcoin to drop as well.

ETH/USD is down by 0.48% in the last 24 hours and by 3.74% in the last 7 days. In the short term, ETH/USD could move sideways, so we'll have to wait for new highly probable setups before taking action.

ETH/USD False Breakdown!

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ETH/USD is trapped between 1,706 and 1,846 levels. Its failure to make a new higher high announced exhausted buyers. Personally, I've drawn a descending pitchfork, so as long as it stays below the upper median line (uml), the rate could drop deeper.

The altcoin found support on the weekly S1 of 1,707 and on the former low of 1,706. Now, it could try to come back to test and retest the upper median line (uml) which stands as a dynamic resistance.

ETH/USD Forecast!

A new lower low, a valid breakdown below 1,706 activates more declines and is seen as a new selling opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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