Ethereum broke below key horizontal support and trend line support this week. Price bounced and back tested the horizontal support which is now resistance. Price is getting rejected and turning lower again. Ethereum looks vulnerable to the downside.
Blue line- support (broken)
Yellow rectangles- attempts on horizontal support
Ethereum is making lower lows and lower highs. Short-term is bearish and there is a danger of a bigger correction/pull back lower as long as price is below $4,108-$3,985. Price got rejected at the back test of the horizontal resistance (previous support). Now price is breaking again below the blue upward sloping trend line. Failure to hold above recent lows at $3,635 will be an added bearish signal.
