Ethereum as we mentioned in previous posts was expected to move higher towards the $3,200-$3,300 price level. However bulls were not strong enough to continue pushing price higher and have found it difficult to break above the Ichimoku cloud resistance.
In the Daily chart Ethereum price tried to push inside the Daily Kumo but bulls are not strong enough. Price got rejected at the Ichimoku cloud resistance and is now challenging the tenkan-sen (red line indicator) support at $2,500-$2,550. Breaking below this level will be a sign of weakness. There are still some chances of a move higher towards the kijun-sen (yellow line indicator) but as long as price is below the Kumo (cloud), bears are in control of the trend.
