Red line - resistance
Blue rectangle -support (broken)
In our previous analysis on Ethereum, we warned bulls that price was challenging major support at $1,700 and was close to providing a new sell signal. Our target was to see price reach at minimum the $1,500 level with increased chances of seeing even lower levels. Ethereum has provided a new sell signal and soon after price made a low around $1,420. Trend remains bearish. There is no RSI bullish divergence. Previous support at $1,700 is now important resistance. As long as price is below the $1,700 level, Ethereum is vulnerable to more downside.
