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Ethereum plunged after reaching a fresh all-time high of 4,868.79 level. It has dropped as much as 4,452.86 yesterday. The retreat was a strong one, around 8.54%, but the buyers are still strong and have taken the lead again.
At the moment of writing, ETH/USD was trading at 4,755.80. The crypto dropped also because the price of Bitcoin has retreated after reaching a fresh historical high. Ethereum maintains a bullish bias despite temporary declines. Actually, a minor retreat helps the buyers to go long again.
Technically, its failure to stay above 4,842.65 signaled a potential correction. ETH/USD stands within an ascending channel, so the outlook is bullish. It has registered a false breakdown with great separation below the 150% Fibonacci line of the Ascending Pitchfork and under the weekly pivot point (4,480.49) signaling strong upside pressure.
It has failed to retest the uptrend line and now it challenges the Ascending Pitchfork's warning line (wl1). In the short term, ETH/USD could move sideways trying to accumulate more bullish energy before jumping higher.
Yesterday's pin bar, the false breakdown with great separation signaled strong buyers. A minor consolidation, a range pattern, or any other continuation formation could confirm an upside continuation.
Also, a valid breakout above the 4,842.65 level could validate further growth towards the 5,000 psychological level.
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