FX.co ★ Ethereum: breakout invalidated

ETH/USD dropped after failing to stabilize above the 1,600 psychological level. Now it was trading at 1,555 at the time of writing. It has dropped by 3.95% from today's high to the current level.

In the last hour, Ethereum is up by 0.19% and by 5.14% in the last 24 hours. The altcoin slipped lower as the price of Bitcoin dropped again.

1,524 Acts As ETH's Support!

Technically, ETH/USD jumped above the downtrend line but it has failed to stay above this broken obstacle or to reach the weekly R1 (1,623), signaling exhausted buyers.

As long as it stays under the downtrend line, it could drop deeper at any time. The price action developed a potential up-channel.

ETH/USD Forecast!

A valid breakout above the downtrend line and a new higher high could activate further growth.

Staying below the downtrend line and making a valid breakdown below the uptrend line could activate a deeper drop.