16.06.2023 07:01 PMEthereum rebounded in the short term as BTC/USD bounced back. The altcoin is trading at 1,676 at the time of writing. After its massive sell-off, a rebound was natural. It could test and retest the near-term resistance levels before dropping deeper.
It has increased by 3.90% from yesterday's low of 1,622 to 1,685 today's high. In the last 24 hours, ETH/USD is up by 2.32% but it's down by 8.85% in the last 7 days.
The rate turned to the upside after failing to reach the weekly S2 (1,608) and now it challenges the weekly S1 (1,681). This represents the first resistance level. The 1,737 historical level is seen as a resistance as well.
Technically, as long as it stays within the descending pitchfork's body, below the upper median line (uml), the altcoin could extend its sell-off.
False breakouts above the R1 (1,681) may announce a new sell-off. Also, retesting 1,737 could bring new short opportunities. A new lower low activates more declines.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
