Ethereum remains in a medium-term bearish trend since the peak in November of 2021 around $4,860. Price has retraced 61.8% of the entire rise from 2017-2018 lows. Price has now reached the summer of 2021 bottom. This is important horizontal support.
Back in May price tested this horizontal support two times and both times support was respected. As long as price holds above the support at $1,685, we focus on the upside potential. Failure to hold above this level could start a new round of selling pressures and a move towards $1,000 or lower should be expected. Ethereum is at a critical junction.
