FX.co ★ Ethereum: bearish pattern violated

Ethereum rebounded in the short term as BTC/USD bounced back. The altcoin is trading at 1,862 at the time of writing. Technically, it has escaped from a minor flag pattern signaling a new sell-off.

ETH/USD dropped by 1.70% from yesterday's high of 1,886 to 1,854 today's low. It's down by 1.46% in the last 7 days and by 0.81% in the last 24 hours.

ETH/USD In Sellers' Territory!

ETH/USD increased a little within an up-channel pattern. It has failed to reach the weekly pivot point of 1,893, signaling exhausted buyers.

Now, it has escaped from the flag pattern indicating a new downside movement. It has tested and retested the broken uptrend line and now it could approach the weekly S1 (1,849) which represents static support.

ETH/USD Forecast!

Dropping and closing below 1,849 activates more declines and brings new shorts.