Ethereum is in a bullish Daily trend according to the Ichimoku cloud indicator as price is trading above the Kumo (cloud), but there are signs that point to weakness in the current up trend and vulnerability to a move lower.
Current price of Ethereum is above the Kumo. This is bullish. However price is below both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). This is a sign of weakness. Price is vulnerable to a move towards the cloud support at $2,790. Resistance by the tenkan-sen and kijun-sen is at $3,200. Bulls need to break above this level in order to regain full control of the trend. The tenkan-sen is about to cross below the kijun-sen. This will be an added sign of weakness. Bulls must step in and defend the cloud support, otherwise the move lower could unfold into something bigger.
