FX.co ★ Ethereum retests broken levels

Ethereum rebounded in the short term and it was trading at 1,556 at the time of writing. The bounce back was natural after the last sell-off. It could test and retest the near-term resistance levels before dropping deeper.

ETH/USD increased by 4.97% from today's low of 1,487 to 1,561, today's high. In the last 24 hours, the altcoin is down by 3.83% and by 0.18% in the last 7 days.

ETH/USD More Declines In Cards!

Technically, ETH/USD came back to retest the broken levels, support turned into resistance levels. After escaping from the up-channel, it was expected to register a strong downside movement. The rebound could be only temporary, the bias remains bearish as long as it stays below 1,606 and under the uptrend line.

Technically, the channel represented a downside continuation pattern. Temporary rebounds could bring new short opportunities.

ETH/USD Prediction!

Testing and retesting 1,560 and 1,606, registering only false breakouts could bring new short opportunities. Also, a new lower low could activate a larger downside movement.