Ethereum is trading around $2,600. Currently we are at an important Fibonacci support level relative to the rise from $2,150 to $3.285. Bulls have a lot of work to do in order to reclaim control of the trend in the short-term.
Red line -resistance
Despite the strong bounce from $2,150, technically trend remains bearish as price has not broken above $3,407 which provided the low at $2,150. Will Ethereum form a higher low at $2,600 and start a new upward move? Breaking above the red resistance trend line will be the first bullish sign, if bulls manage to do break it. This will open the way for a move towards $3,725, until then price remains vulnerable to more downside. At 61.8% retracement levels we usually see trend reversals. Will this happen again?
