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ETH/USD rebounded as the price of Bitcoin turned to the upside in the short term. Now, it's located at 1,633 at the time of writing. It has increased by 7.30% from Monday's low of 1,531 to 1,642 today's high.
The bias remains bearish despite temporary rebounds. ETH/USD is up by 1.57% in the last 24 hours and by 0.17% in the last 7 days.
Technically, ETH/USD rebounded, developing a flag pattern. This could represent a bearish formation. The 1,668 former high stands as a static resistance, while the downtrend line represents a dynamic resistance.
As long as it stays below the downtrend line, the altcoin could drop deeper. False breakouts through the downtrend line should bring new shorts.
Dropping below the flag's support (minor uptrend line) may announce a new downward movement. This could bring new selling opportunities.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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