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ETH/USD rebounded after its sell-off. The rebound was natural as the price could test and retest the immediate resistance levels before dropping deeper. It's trading at 1,222 at the time of writing below yesterday's high of 1,236.
In the last 7 days, ETH/USD is down by 4.21% but it's up by 0.85% in the last 24 hours. BTC/USD's rebound helped the price of Ethereum to rebound as well.
Technically, the rate plunged after taking out the dynamic support represented by the uptrend line. Staying below the pivot point of 1,230 could announce a new sell-off. On the contrary, a bullish closure above this immediate obstacle could announce further growth in the short term.
The descending pitchfork's upper median line (uml) represents a dynamic resistance. Testing and retesting this line could announce a new downside movement. ETH/USD could extend its downside movement as long as it stays below this line.
False breakouts above the weekly pivot point could announce a new sell-off. This could represent the first short opportunity. As long as it stays under the upper median line (uml), the rate could still be attracted by the median line (ml).
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