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Ethereum plunged after reaching a strong resistance area. Actually, ETH/USD dropped as the price of Bitcoin dropped as well after registering an impressive rally. Still, the current drop could be only a temporary one.
ETH/USD has climbed a much as 2,435.01 in yesterday's session. Now the digital token is trading lower at 2,241.29 at the time of writing. The major crypto could only test and retest some support levels, downside obstacles, before jumping higher.
You should know that Bitcoin's potential growth should help Ethereum to appreciate again in the short term.
ETH/USD has found resistance above 2,389 static resistance, registering only a false breakout through this obstacle. It has also failed to stabilize above the ascending pitchfork's median line (ML) and beyond the weekly R1 (2,356.70).
Ethereum has rebounded right now and it tries to recover after its massive drop. Still, I believe that the downside movement is not complete yet. It could drop again if it fails to approach the immediate upside obstacles.
2,040,40 level and the weekly pivot point 2,036.40 are seen as strong support levels. Also, the ascending pitchfork's 50% Fibonacci line represents dynamic support.
The sell-off could help us to cat a new upwards movement. Right now we have to stay away from this crypto after being rejected by the range's resistance. Only a deeper decline or a strong consolidation could bring is a new long opportunity.
You should know that a valid breakout through the 2,389.00 and coming back above the median line (ML) could validate a broader upwards movement in the medium to the long term.
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