The price of Ethereum dropped a little after reaching the 4,670.81 fresh all-time high. It's traded at the 4,515 level above 4,421.72 today's low. A minor retreat was somehow expected after the most recent rally. The crypto stands in the buyer's territory, so further growth is natural.
ETH/USD is down by 2.30% in the last 24 hours and is up by 6.01% in the last 7-days. The price of Ethereum slipped lower also because the price of Bitcoin dropped in the short term.
ETH/USD Natural Retreat!
ETH/USD failed to stabilize above the weekly R1 (4,534.40), so now it has slipped lower to test and retest the uptrend line. It has also retested the 4,460 former high. Actually, it has registered a false breakdown below this static support level.
Technically, ETH/USD could resume its growth as long as it stays above 4,460, 4,380.64, and above the uptrend line. Also, the ascending pitchfork's warning line (wl1) is seen as a dynamic support.
The false breakdown with great separation below the 4,460 and retesting the uptrend line could announce a new upside momentum. Coming back and stabilizing above the weekly R1 (4,534.40) could also bring fresh long opportunities.The material has been provided by InstaForex Company - www.instaforex.com