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Ethereum climbed as much as 1,785 where it has found resistance. Now it is trading at 1,679 and it could come back down to test and retest the near-term support levels before trying to resume its growth. ETH/USD retreated as BTC/USD slipped lower after its amazing rally.
Ethereum dropped by 7.17% from yesterday's high of 1,785 to 1,657 today's low. Technically, the bias remains bullish in the short term despite the current retreat.
As you can see on the H4 chart, the rate reached the 1,730 historical level and the R1 (1,729). The price registered only false breakouts and now it could come back down to test and retest the 1,631 static support.
As long as it stays above this level, ETH/USD could resume its upwards movement. Dropping and stabilizing below the 1,631 could open the door for a larger drop.
Testing and retesting the 1,631, registering only false breakouts through this level could announce a potential bullish momentum. A valid breakout above 1,730 may announce further growth and could bring long opportunities.
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