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31.10.2023 10:55 AMEthereum is trading in the red at 1,791 at the time of writing. In the short term, the rate continues to challenge the immediate downside obstacles. The upside pressure remains high as Bitcoin maintains a bullish bias.
ETH/USD dropped by 2.35% from yesterday's high of 1,830 to 1,787 today's low. The altcoin is down by 1.04% in the last 7 days and is up by 0.16% in the last 24 hours.
From the technical point of view, ETH/USD is trapped between 1,854 and 1,757 levels. Now, it is challenging the median line (ml) which represents a dynamic support.
The false breakdown with great separation below 1,757 announced strong buyers. Still, further growth needs strong confirmation.
Staying above the median line (ml) and making a valid breakout through 1,854 activates further growth. This is seen as a buying opportunity.
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