FX.co ★ Ethereum rebound could be over soon

The price of Ethereum rebounded after its last downside movement. It was trading at 1,811 at the time of writing. It has changed little in the short term, as the BTC/USD changed little.

The downside pressure remains high in the short term, despite temporary rebounds. Actually, the bounce back could bring new short opportunities. In the last 24 hours, ETH/USD is up by 0.29% and by 0.33% in the last 7 days.

ETH/USD overbought

ETH/USD tested and retested the lower median line (LML) but it has failed to stay above it, signaling exhausted buyers. It's trapped between 1,847 and 1,787 levels. Escaping from this pattern should bring new trading opportunities.

Breaking below the lower median line (LML) announced more declines. Still, after its massive drop, the current rebound was natural.

ETH/USD outlook

A bearish closure below 1,787 activates more declines and is seen as a new selling signal.