FX.co ★ ETH/USD attracts more sellers

Ethereum seems undecided in the short term, that's why we have to wait for fresh opportunities before taking action. It's trading at 1,652 at the time of writing. Bitcoin's current drop dragged ETH/USD down again.

ETH/USD is down by 1.43% in the last 24 hours and by 2.10% in the last 7 days. Technically, the price action signaled strong downside pressure, the altcoin failed to print a significant rebound.

Ethereum 1,622 As Support!

From the technical point of view, ETH/USD escaped from a major channel. Dropping below the uptrend line announced a potential major leg down.

As you can see on the daily chart, the rate failed to take out the 1,622 static support, so a rebound was natural. Still, the rate failed to come back to test and retest the broken uptrend line announcing strong sellers.

ETH/USD Outlook!

A bearish closure below 1,622 indicates more declines. This is seen as a selling opportunity.