Ethereum as expected tested the major resistance at $2,300 and is now getting rejected. Our expectations as we explained in our last post, was to see price reach the 50% Fibonacci retracement and get rejected.
Blue lines - Fibonacci retracements
Ethereum's made another attempt to break above the red downward sloping resistance trend line. Price also reached the 50% retracement of the decline from $2,880. This upward bounce from $1,700 could very well be over and a new downward move might be around the corner. As long as price is below the red resistance trend line, then it remains vulnerable to another sell off below $1,700. If price manages to break above the resistance trend line then we could see a move higher towards $2,435 and $2,620. Only a break above $2,900 will confirm that a major low is in.
