FX.co ★ Ethereum: 1,874 downside obstacle

Ethereum changed little in the short term but the downside pressure is high as BTC/USD seems very heavy. Bitcoin's deeper drop should push the altcoin down as well. Still, it's premature to talk about a larger drop.

In the last 24 hours, Ethereum is up by 0.60% but it's down by 0.42% in the last 7 days. Technically, the price action signaled that the upside could be over.

ETH/USD Support Levels Ignored!

As you can see on the H4 chart, the rate found resistance at the upside inside sliding line (sl1) and now it has dropped below the downside sliding line (sl) which represents a dynamic resistance.

It was trapped between the sl1 and sl in the short term. Escaping from this up channel may announce a potential downside movement.

ETH/USD Forecast!

The 1,874 immediate low represents a static downside obstacle. Dropping and stabilizing below it is seen as a selling opportunity.