Ethereum increased a little from 2,306.02 low and now is located at 2,542.47 level. Unfortunately, the selling pressure remains high as the price stands below strong resistance levels.
ETH/USD moves somehow sideways in the short term, so we have to wait for something before deciding to go long. Personally, I believe it's risky to go short from here as the crypto market could increase again after the last drop.
ETH/USD is trapped between the weekly pivot point (2,623.81) and the S1 (2,359.30). The selling pressure is high as long as it stays below the downtrend line. So, only a potential valid breakout above it could announce a potential growth.
The price could drop if the price of Bitcoin drops as well. Technically, the price could decrease a little to test and retest some support levels before really developing a new leg higher.
Dropping and closing below the S1 (2,359.30) could signal a further decline towards 2,040.62.
On the other hand, closing above the pivot point (2,623.81) could signal a potential upside breakout through the downtrend line. A new higher high, a bullish closure above 2,850 could signal a breakout through the 3,000 level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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