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The price of Ethereum plunged after reaching the 3,145 level. I've told you in my previous analysis that ETH/USD could register only a temporary rebound before resuming its drop. It's traded at 2,992 at the time of writing.
ETH/USD dropped by 5.38% from 3,145 today's high to 2,976 daily low. The altcoin dropped as the price of Bitcoin plunged today after ending its temporary rebound. The bias is bearish, so Ethereum could extend its drop.
ETH/USD rebounded after finding support on the descending pitchfork's lower median line (lml). I've told you in my previous analysis that it could register only a temporary rebound towards the median line (ml) which represents a dynamic resistance.
Its failure to stay above the 50% (3,037) retracement level and above the 3,045 key level indicates strong sellers. As long as it stays under the median line (ml), ETH/USD could drop towards new lows.
Coming back below the 50% retracement level signals a potential larger correction. The 61.8% (2,908) and the lower median line (lml) are seen as downside obstacles and targets.
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