Red lines- bearish channel
Ethereum remains vulnerable inside the medium-term bearish channel. Price got rejected at the upper channel resistance and price turned around quickly. Price remains under pressure and as explained in our previous analysis on Ethereum, bears have the upper hand and it is very likely to see price below $1,000. Short-term resistance is found at $1,088 where the latest rejection took place. Price continues making lower lows and lower highs. The RSI has started providing some bullish divergence signals in the 4 hour chart but not in the daily. This justifies a bounce higher but most probably it will be a relief bounce.
