In our previous analysis we noted the importance of the weekly support around $1,700. A break below this level will provide a new bearish signal for Ethereum and price will be vulnerable to a move lower towards $1,400.
Ethereum has so far tested $1,700 three times. All previous times price bounced higher. Will it do the same this time? Price continues making lower highs. This is a sign that bull's strength is weakening and every upside bounce is weaker. Resistance is at $2,010 and as long as price is below this level, we remain pessimistic for the price of Ethereum.
