FX.co ★ Ethereum: range under development

Ethereum dropped again and now is trading at 1,851. BTC/USD's retreat forced the altcoin to drop as well. You already know from my analyses that a temporary retreat is natural after its amazing rally. Now, it challenges the near-term support levels.

Ethereum dropped by 3.61% from yesterday's high to 1,842 today's low. Bitcoin's deeper drop should push ETH/USD down as well.

ETH/USD Flag Formation!

As you can see on the h1 chart, the altcoin developed a flag pattern. As long as it stays within this pattern, the price could drop deeper. It's trapped between 1,837 and 1,908 levels.

It challenges the median line of the ascending pitchfork which represents a dynamic support. Escaping from this range pattern could bring new opportunities.

ETH/USD Forecast!

A new lower low activates more declines, while a new higher high, jumping and closing above 1,908 is seen as a buying opportunity.