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Ethereum drops like a rock right now after failing to take out the immediate resistance levels. It seems very heavy in the short term, so we cannot exclude a deeper drop. The price of Bitcoin drops right now, so ETH/USD decline is natural.
Technically, the retreat could be a temporary one. Ethereum is still located above strong downside obstacles. It could only test and retest the immediate support levels before turning to the upside again.
Ethereum drops after failing to make a valid breakout through the confluence area formed between 2,389 with the inside sliding line (sl). Now is pressuring the weekly pivot point (2,224.27).
Closing and staying under the pivot point could signal a potential drop towards the ascending pitchfork's lower median line (lml).
This could be only a temporary drop. Maybe we'll have new opportunities from the lower median line (lml) of the ascending pitchfork. 2,040 is seen as major static support as well.
Coming back above the weekly pivot point (2,224.27) could bring us a new buying signal with the first upside target at the sliding line (sl). The bias could remain bullish in the short term as it stays above the lower median line (lml).
*这里的市场分析是为了增加您对市场的了解，而不是给出交易的指示。
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