FX.co ★ Ethereum likely to rise slightly

Ethereum is trading in the green at 1,195 on the H4 at the time of writing. The bias is bearish, so more declines are favored. In the short term, the altcoin tries to rebound but the selling pressure is high.

In the last 24 hours, ETH/USD is down by 1.03% and by 33.82% in the last 7 days. In the short term, Ethereum registered sharp movements after the FOMC decision to increase the Federal Funds Rate by 75bps in the June meeting.

ETH/USD Downside Continuation

ETH/USD is trapped between 1,281 and 1,074 levels. I've told you in my previous analysis that the altcoin could extend its sell-off as long as it stays under the 1,281 former high. The lower median line represented a downside obstacle.

As you can see on the H4 chart, the rate registered only false breakdowns below 1,074 signaling exhausted sellers. Still, this could be only a temporary rebound.

ETH/USD Forecast

A valid breakdown below 1,074 activates more declines. Staying above the lower median line (lml) and making a new higher high, a bullish closure above the 1,281 could confirm a larger rebound.