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Ethereum dropped in the short term also because BTC/USD slipped lower. It is testing and retesting the near-term downside obstacles. Despite the current retreat, the altcoin could still try to develop a new upside momentum.
ETH/USD dropped by 6.86% from Saturday's high of 1,234 to 1,149 today's low. BTC/USD's deeper drop should force Ethereum to drop deeper.
Technically, the altcoin is trapped between 1,215 and 1,147 levels. Now, it is challenging the weekly pivot point of 1,167. After escaping from the down channel, the pair was expected to develop a new leg higher, but unfortunately, it failed to stabilize above 1,215.
The downtrend line and 1,215 represent upside obstacles, while 1,147 represent a downside obstacle.
A new lower low, dropping below 1,147 activates a deeper drop, while a valid breakout through the downtrend line and above 1,215 signals a larger rebound.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
