FX.co ★ ETH rising wedge to be confirmed

Ether dropped as expected after the BTC/USD slipped lower. Now, the altcoin is located at 1,193 at the time of writing. In the short term, it is likely to remain in the sideways channel. The bias is bearish. Hence, it may decline further.

ETH/USD dropped by 3.74% from 1,233 yesterday's high to today's low of 1,187. Bitcoin's deeper drop could push ether to new lows as well.

ETH/USD 1,182 As Key Obstacle

ETH/USD challenges the 1,196 level after retesting the broken uptrend line (Rising Wedge's support). The 1,182 former low represents a downside obstacle as well. You knew from my analysis that the bias is bearish as long as it stays under 1,236 and below the upper median line (uml).

ETH/USD Outlook

Dropping and closing below 1,182 could activate more declines. I would like the rate to come back to test and retest the broken uptrend line before going down.