FX.co ★ Ethereum challenging range

Ethereum crashed in the short term as BTC/USD erased some of the latest gains. It's located at 1,547 at the time of writing. It has increased by 2.13% from yesterday's low of 1,520 to 1,552 today's high.

Ethereum is up by 0.12% in the last 24 hours but it's down by 5.00% in the last 7 days. Technically, we cannot exclude a temporary rebound, which could be natural after such an impressive sell-off. Still, only BTC/USD's rally should drag the altcoin higher as well.

ETH/USD Bearish Bias!

ETH/USD was trapped between 1,744 and 1,542 levels in the short term. Now, it has dropped below the range's support but the breakdown could still be invalidated.

The range could develop a minor range between 1,520 and 1,552 levels. The rate dropped below the median line (ml) which represented a dynamic support, indicating more declines.

ETH/USD Forecast!

Staying below 1,542 and under the median line (ml) and making a new lower low, a bearish closure below 1,520 opens the door for more declines.