Ethereum: rising wedge activated, more declines in cards

Ethereum plunged in the short term and now it is trading at 1,573. The altcoin dropped by 9.30% from yesterday's high of 1,721 to 1,561 today's low. Bitcoin crashed, so ETH/USD turned to the downside again.

Technically, the bias is bearish, temporary rebounds could bring new short opportunities. Ethereum is down by 6.94% in the last 24 hours and by 8.09% in the last 7 days. Still, we cannot exclude a temporary rebound after today's sell-off.

As you can see on the H4 chart, the altcoin developed a Rising Wedge pattern. It found resistance at the weekly pivot point of 1,718 before escaping from the bearish pattern. It has failed to reach and retest the downtrend line signaling exhausted buyers.

1,524 is seen as the next strong downside target and obstacle. As long as the token stays under the downtrend line, the price could resume its downside movement. Temporary rebounds could bring selling opportunities.

Dropping and closing below 1,524 could activate more declines and bring new short opportunities.