Ethereum retests broken levels

Trading News

Ethereum rebounded in the short term and it was trading at 1,556 at the time of writing. The bounce back was natural after the last sell-off. It could test and retest the near-term resistance levels before dropping deeper.

ETH/USD increased by 4.97% from today's low of 1,487 to 1,561, today's high. In the last 24 hours, the altcoin is down by 3.83% and by 0.18% in the last 7 days.

ETH/USD More Declines In Cards!

analytics6318d3dc767ec.jpg

Technically, ETH/USD came back to retest the broken levels, support turned into resistance levels. After escaping from the up-channel, it was expected to register a strong downside movement. The rebound could be only temporary, the bias remains bearish as long as it stays below 1,606 and under the uptrend line.

Technically, the channel represented a downside continuation pattern. Temporary rebounds could bring new short opportunities.

ETH/USD Prediction!

Testing and retesting 1,560 and 1,606, registering only false breakouts could bring new short opportunities. Also, a new lower low could activate a larger downside movement.


Trading analysis offered by Flex EA.
Source
0 Comments
Chat