Ethereum moves sideways in the short term but the bias remains bearish. The crypto found a strong support zone, a demand area, so a temporary rebound is natural. The price of Bitcoin tries to come back higher, so the altcoins could start increasing as well.
ETH/USD is up by 0.12% in the last 24 hours and by 0.09% in the last 7 days. The price action develops a triangle pattern that could bring us great opportunities. Bitcoin's growth after printing a bullish engulfing on the 40,904 static support could attract more buyers on ETH/USD as well.
ETH/USD Prints A Triangle Pattern!Ethereum failed to stabilize under the 50% retracement level signaling a strong demand zone. It moves sideways after its failure to reach the median line (ml) or the lower median line (lml) of the ascending pitchfork.
Personally, I believe that only a valid breakdown below the lower median line (lml) and through the weekly S1 (2693.46) could really activate a larger downwards movement. On the contrary, ETH/USD may develop a strong swing higher only after making a valid breakout from the down channel pattern.
It's premature to talk about a long or a short opportunity as long as the crypto moves sideways.
Ethereum Prediction!A larger corrective phase will be activated by a valid breakdown below the lower median line (lml) and under the S1 (2,693.46). This scenario could signal potential drops towards the weekly S2 (2,323) and down to the channel's downside line.