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Ethereum dropped like a rock in the short term. It was trading at 1,058 at the time of writing. You knew from my previous analysis that ETH/USD is expected to drop after activating the Rising Wedge pattern.
ETH/USD dropped by 17.62% from Sunday's high of 1,280 to 1,054 today's low. Bitcoin's sell-off forced the altcoins to drop as well. As you already know, the bias remains bearish, so more declines are in view. In the last 24 hours, ETH/USD is down by 5.42% and by 3.61% in the last 7 days.
ETH/USD signaled more declines after dropping below 1,160. Now, it challenges the weekly S1 (1,066). A valid breakdown below this level could activate a deeper drop.
Its failure to make a new higher high, to make a valid breakout above the 1,281 signaled exhausted buyers and that the sellers could take full control.
Activating its breakdown below the S1 (1,066) could activate a downside continuation and could bring new short opportunities with a potential downside target at the 905.00 key level.
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