FX.co ★ Ethereum: flag pattern

ETH/USD rebounded as the price of Bitcoin turned to the upside in the short term. Now, it's located at 1,633 at the time of writing. It has increased by 7.30% from Monday's low of 1,531 to 1,642 today's high.

The bias remains bearish despite temporary rebounds. ETH/USD is up by 1.57% in the last 24 hours and by 0.17% in the last 7 days.

ETH/USD Retests The Sellers!

Technically, ETH/USD rebounded, developing a flag pattern. This could represent a bearish formation. The 1,668 former high stands as a static resistance, while the downtrend line represents a dynamic resistance.

As long as it stays below the downtrend line, the altcoin could drop deeper. False breakouts through the downtrend line should bring new shorts.

ETH/USD Outlook!

Dropping below the flag's support (minor uptrend line) may announce a new downward movement. This could bring new selling opportunities.