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Ethereum rebounded in the short term as BTC/USD bounced back. The altcoin is trading at 1,676 at the time of writing. After its massive sell-off, a rebound was natural. It could test and retest the near-term resistance levels before dropping deeper.
It has increased by 3.90% from yesterday's low of 1,622 to 1,685 today's high. In the last 24 hours, ETH/USD is up by 2.32% but it's down by 8.85% in the last 7 days.
The rate turned to the upside after failing to reach the weekly S2 (1,608) and now it challenges the weekly S1 (1,681). This represents the first resistance level. The 1,737 historical level is seen as a resistance as well.
Technically, as long as it stays within the descending pitchfork's body, below the upper median line (uml), the altcoin could extend its sell-off.
False breakouts above the R1 (1,681) may announce a new sell-off. Also, retesting 1,737 could bring new short opportunities. A new lower low activates more declines.
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