Ethereum recently broke below a triangle pattern providing us with an important bearish signal. Our view remains bearish as long as price is below $2,450. Price continues making lower lows and lower highs. Price has potential to reach $1,700 again.
Red lines- triangle pattern (broken)
Blue lines - expected size of decline
Short-term resistance is found at $2,045. Breaking above this level will justify a move towards $2,280. Until then, price is vulnerable to retesting recent lows of $1,700 and possibly breaking below this level. There is no sign of a reversal to the upside. Trend remains controlled by bears.
