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Ethereum is dropping like a rock at the time of writing. It's trading at 4,389.77 far below 4,556.42 yesterday's high. In the short term, it has reached a strong dynamic resistance, so a temporary decline was somehow expected.
ETH/USD dropped by 3.75% from 4,555.25 today's high to 4,383.99 today's low. The crypto drops as the price of Bitcoin turned to the downside. Ethereum could test and retest the near-term support levels before trying to jump higher.
ETH/USD registered a false breakout through the descending pitchfork's upper median line (UML) and now it has turned to the downside. The bearish engulfing signaled a potential drop.
Now, it challenges the weekly pivot of 4,331.69 and the 23.6% retracement level. Unfortunately, it has failed to stabilize above 4,439.92 signaling that the pressure is high. The median line (ML) of the descending pitchfrok stands as a dynamic support.
Only a valid breakout through the upper median line (UML) could announce an upside continuation.
Dropping and stabilizing under the descending pitchfork's median line (ML) could signal a deeper drop towards the 38.2% retracement level. A larger corrective phase could be activated by a valid breakdown below the 38.2% and under the 4,000 psychological level.
On the other hand, staying above the median line (ML), testing and retesting this dynamic support, or registering only a false breakdown could signal that ETH/USD could still grow.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
