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ETH/USD rebounded in the short term and now is trading at 1,635 at the time of writing. Still, the bounce back could be a short-lived one. After its strong sell-off, the rate could try to test and retest the near-term resistance levels before going down again.
Ethereum increased by 2.42% from yesterday's low of 1,608 to 1,647 today's high. Technically, the price action developed a bullish continuation pattern but this is far from being confirmed.
ETH/USD found support at the 61.8% (1,570) retracement level and it has turned to the upside. Now, it challenges the 38.2% Fibonacci level (1,635) and the pivot point of 1,639. 1,676 and the downtrend line represent resistance levels.
As you already know from my analyses, the down channel represents a bullish pattern. Still, only a valid breakout above the downtrend line and through 1,676 activates it.
Testing and retesting the downtrend line and the 1,676 static resistance, registering only false breakouts may announce a new sell-off. Only a valid breakout above these levels activates a larger growth and brings new long opportunities.
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