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Ethereum's triangle violated, 1,253 acts as support

ETH/USD continues to move sideways in the short term as the price of Bitcoin moves in range as well. The altcoin was trading at 1,293 at the time of writing. The rate recovered a little but the bias remains bearish.

In the last 24 hours, ETH/USD is up by 0.03% but it's down by 4.12% in the last 7 days. BTC/USD's deeper drop should force the altcoin to drop as well, while a new leg higher could help the ETH/USD to come back higher.

ETH/USD Sideways Movement!


As you can see on the H4 chart, ETH/USD is still trapped between 1,253 and 1,407 levels. The price escaped from the triangle pattern, but only a new lower low may activate a deeper drop.

As long as it stays above the 1,281 - 1,253 support zone, ETH/USD could still develop a new bullish momentum.

ETH/USD Forecast!

A valid breakdown below 1,253 activates more declines. As long as it stays under the descending pitchfork's upper median line (uml) the price could still be attracted by the median line (ml) which acts as a magnet.

Trading analysis offered by Flex EA.