FX.co ★ Ethereum: flag pattern violated

Ethereum is trading in the red at 1,790 at the time of writing. The altcoin turned to the downside again as the BTC/USD crashed. Bitcoin's further drop should force ETH/USD to approach and reach new lows.

In the last 24 hours, Ethereum is down by 3.07% and by 1.53% in the last 7 days. It has dropped by 5.06% from yesterday's high of 1,872 to 1,777 today's low.

ETH/USD Bearish Bias!

As you can see on the H4 chart, the rate tested and retested the lower median line (LML), failing to stay above it signaling exhausted buyers. It has failed to stay above 1,847 (range's resistance) announcing an imminent breakdown.

Escaping from the flag pattern announced a new downside movement. Now, it is challenging the 1,787 downside obstacle.

ETH/USD Forecast!

A valid breakdown below 1,787 activates more declines and is seen as a bearish signal.