ETH/USD rebounded after reaching 1,269 and now it is traded at 1,379. In the short term, the volatility is high after the FED increased the Federal Funds Rate by 75bps and after the FOMC Press Conference.
In the last 24 hours, ETH/USD is up by 1.90% but it's down by 13.32% in the last 7 days. Technically, the bias remains bearish, temporary rebounds could bring new short opportunities. The altcoin could test and retest the near-term resistance levels before going down.
ETH/USD Retests Sellers!Technically, ETH/USD signaled more declines after dropping below 1,424. It has dropped below the uptrend line but it has found support at 1,280. Now, it has turned to the upside and it challenges the uptrend line.
As long as it stays under the uptrend line and below the 1,424, the bias is bearish, ETH/USD could extend its sell-off.
ETH/USD Outlook!Staying below the uptrend line and making a new lower low, a valid breakdown below 1,280 may activate more declines. This scenario brings new short opportunities.