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Ethereum plunged in the last days reaching the 3,585 level today. At the time of writing, it was traded at 3,742.64. It has rebounded also because the price of Bitcoin tries to recover after its massive drop.
ETH/USD dropped by 13.17% from Monday's high of 4,128.82 to 3,585 today's low. In the last 24 hours, ETH/USD is down by 0.79% and by 8.20% in the last 7 days. In the short term, the pressure remains high but the corrective phase could be over soon, that's why I'd rather look for new long opportunities.
Ethereum plunged after failing to stabilize above the 38.2% retracement level. Now, it has rebounded trying to retest the 50% retracement level. The lower low of 3,470.02 stands as a major downside obstacle.
Technically, the crypto failed to reach the median line (ML) of the Descending Pitchfork in the previous attempts signaling that sellers are exhausted somewhere around the 50% retracement level.
Technically, its failure to approach the median line (ML) may announce a potential leg higher also if the price stays above the 61.8% retracement level and above the 3,470.02. ETH/USD registered only a false breakdown below 3,640.60 after finding support on the weekly S1 (3,590.95).
As long as it stays under the 50% (3,762.79) retracement level, ETH/USD could drop towards the 3,470.02 critical support. A bullish pattern above 3,640.60 or on the 3,470.02 support levels could bring new long opportunities.
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