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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.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
