Ethereum price reached as high as $2,678 earlier today where the lower cloud boundary resistance was found. Price got rejected and is now trading around $2,560. Short-term trend remains bearish as price continues to trade below the Kumo (cloud).
Price is below the cloud. Price is also below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen has crossed below the kijun-sen. All these characteristics are bearish. The Chikou span (black line indicator) is above the candlestick pattern with support at $2,500. Failure to hold above $2,500 will be an added bearish sign for Ethereum. Bulls need to push price inside the Kumo above $2,670 in order to change trend to neutral. Trend turns bullish in Ichimoku cloud terms if price moves above $2,750.
