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Ethereum dropped in the short term as BTC/USD slipped lower. Technically, ETH/USD rebounded after its massive drop but the bounce back could be only a temporary one. It was trading at 1,149 at the time of writing.
ETH/USD dropped by 11.60% from Sunday's high of 1,280 to 1,131 today's low. The bias remains bearish despite temporary rebounds. Actually, a throwback could bring new selling opportunities. In the last 24 hours, ETH/USD is down by 3.02% but it's up by 4.58% in the last 7 days.
As you can see on the H4 chart, Ethereum found resistance at the 1,281 level and now it has escaped from a minor Rising Wedge pattern. The formation signaled that the buyers are exhausted and that the sellers could take the lead.
ETH/USD could come back down if it stabilizes below the weekly pivot point of 1,173. In the short term, it's trapped between 1,281 and 905 levels.
Stabilizing below the weekly pivot point of 1,173 could signal more declines. Actually, its failure to retest the broken uptrend line followed by the current breakdown below the pivot point and below the 1,160 was seen as a potential selling opportunity.
A larger rebound could be activated only by a valid breakout above the 1,281.
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