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Ethereum is trading at 3,476.67 level at the time of writing. The selling pressure remains high as the price plunged below strong support levels. In the short term, the price found temporary support, and now it looks to trade higher again.
The price dropped as the price of Bitcoin registered a strong sell-off as well. BTC/USD has bounced back, that's why ETH/USD rebounded. Ethereum's corrective phase was somehow expected after its amazing growth.
ETH/USD has found support on the 50% retracement level and on the weekly S1 (3,156.01) level. Now the crypto is trading back above 38.2% and under the first warning line (WL1) which acts as a dynamic resistance.
You can see that the price is trapped within a downward channel. The bearish pressure remains high as long as Ethereum is trading under the downtrend line. Technically, the downtrend line is seen as a continuation pattern.
A valid breakout from this chart formation could signal a new leg higher towards 4,380.64 all-time high.
The pressure is high as long as it stays below 3,591.46 high and under the downtrend line. It could drop anytime again if it fails to take these upside obstacles as soon as possible.
The upper median line (uml) of the ascending pitchfork remains the immediate dynamic support. Maybe a consolidation or a major bullish reversal pattern could indicate that the corrective phase is over.
A bullish closure above 3,591.46 static resistance could signal further growth towards the weekly pivot (3,769.96).
Dropping and stabilizing below the upper median line (uml) could signal a larger corrective phase.
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