Ethereum sees key support at 1,837

The price of Ethereum slipped lower. It was trading at 1,866 at the time of writing. Bitcoin's retreat forced the altcoin to drop as well. Still, it remains to see how it reacts in the short term as it stays in a buying zone.

ETH/USD dropped by 3.64% from yesterday's high of 1,917 to 1,847 today's low. In the short term, it could move sideways.

ETH/USD upside seems over

As you can see on the H4 chart, the ETH/USD found resistance at the ascending pitchfork's lower median line (LML) and now it has retested the downtrend line.

The weekly pivot point of 1,863 and the 1,837 level represent downside obstacles. Staying above these support levels may announce a new bullish movement.

ETH/USD outlook

Dropping and closing below 1,837 activates more declines and is seen as a bearish signal.

The material has been provided by InstaForex Company - www.instaforex.com

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