FX.co ★ Ethereum Stopped By Resistance

Ethereum dropped a little after reaching the immediate downtrend line. Now the price is located at 2,158.58 and it stays under pressure. Technically, the price could still try to take out resistance after the current decline.

ETH/USD slipped lower as BTC/USD dropped in the short term. Bitcoin's potential growth could really bring a potential rally on ETH/USD. Ethereum needs a bullish spark to be able to really activate a leg higher.

ETH/USD Natural Decline!

ETH/USD has found resistance at the downtrend line and right below the R1 (2,260.81). A temporary decline could be natural after ignoring the previous highs and near-term obstacles.

Making a valid breakout above the downtrend line and through the R1 could really announce an important upwards movement.

Outlook!

Ethereum could bring us a great buying opportunity if it makes a valid breakout above the downtrend line and through the R1 (2,260.81). Such a breakout could really signal a bullish reversal in the short term.