Ethereum drops at the time of writing trading at near 1,781 level. The price has reached an important dynamic resistance signaling that the swing higher may be over. Still, the decline could be only a temporary one.
ETH/USD could decline a little in the short-term trying to attract more buyers and more energy before taking out the immediate resistance. Ethereum drops as the price of Bitcoin falls as well in the short term.
ETH/USD Breakout Attempt!
ETH/USD reached the downtrend line and now is pressuring, retesting, the broken upper median line (UML) of the descending pitchfork. A temporary decline could be natural after the price's failure to stabilize above the R1 (1,823).
It could decline a little along the upper median line (UML) before starting to increase again. The outlook is bullish as the price is traded way above the uptrend line. A valid breakout above the downtrend line signal more gains ahead and activates a bullish opportunity.
Ethereum Outlook!
Jumping and closing above 1,863 immediate high and through the downtrend line brings a long opportunity.
ETH/USD's failure to reach the descending pitchfork's median line (ML) has signaled that the price may approach and reach 1,943 higher high in the coming period.
The material has been provided by InstaForex Company - www.instaforex.com