ETH/USD deeper drop

The price of Ethereum is trading in the red and it seems determined to approach and reach new lows. It's located at 1,595 at the time of writing. USD's appreciation after the FOMC forced the BTC/USD to drop, that's why the altcoin turned to the downside again.

ETH/USD dropped by 3.73% from yesterday's high of 1,649 to 1,588 today's low. Bitcoin's deeper drop should force Ethereum to hit new lows.

From the technical point of view, the ETH/USD pair tested and retested the downtrend line, failing to take it out. It has retested the 1,668 static resistance, and then it has crashed.

As long as it stays below the downtrend line, the altcoin could approach and reach new lows. Now, it challenges the weekly pivot point of 1,602.

Closing below the pivot point (1,602) and below 1,600 psychological level could announce more declines. The S1 (1,551) is seen as the first downside target.