Ethereum was trading in the red at 2,623 at the time of writing. The bias is bearish after failing to stay above the broken resistance levels. ETH/USD slipped below the immediate downside obstacles signaling more declines.
ETH/USD dropped by 19.48% from 3,199 last week's high to 2,575.75 yesterday's low. In the last 24 hours, Ethereum is down by 0.42% and by 7.83% in the last 7 days. As long as the price of Bitcoin drops, the altcoins could drop deeper as well.
ETH/USD swing higher endedEthereum failed to stay above the broken downtrend line and above 2,830, signaling that the upside movement is over and that sellers are likely to take full control. Now, it has retested the downtrend line confirming a bearish bias.
Technically, a new lower low could activate further drop. Only staying above the 2,575.75 could announce that the sell-off is over and that the rate could try to come back higher.
ETH/USD outlookAs long as it stays under the downtrend line, ETH/USD could extend its downside movement. Dropping and closing below 2,575.75 could confirm more declines and could bring new short opportunities.