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The price of Ethereum is in a corrective phase. The altcoin tried to rebound but the bias remains bearish in the short term. It's traded at 3,195 at the time of writing below today's high of 3,269 and above the 3,143 daily low.
ETH/USD dropped as the price of Bitcoin is in a corrective phase as well. In the last 24 hours, the crypto is down by 0.30% and by 2.99% in the last 7 days.
ETH/USD signaled a potential new sell-off after escaping from the up channel and after retesting the broken uptrend line. The RSI and the price action signaled a bearish divergence.
The price dropped below the descending pitchfork's median line (ml) and below 3,284 static support. As long as it stays under these levels, ETH/USD could approach and reach new lows.
In the short term, ETH/USD could test and retest the 3,284 and the median line (ml) which represent upside obstacles. False breakouts above these levels could bring new short opportunities. Also, a valid breakdown below 38.2% (3,166) could activate more declines.
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