Red line- horizontal resistance
green lines- resistance trend lines
Ethereum is trading around $1,135. Trend remains bearish as price has not managed in the major time frames to start a sequence of higher highs and higher lows. Price recently tested the last $1,280 high and got rejected. Although price pushed above the first green resistance trend line, bulls were not strong enough to break above the horizontal resistance at $1,280. Price got rejected and remains below the second green trend line. Support is now at $997. Failure to stay above this level would be a new bearish sign and could lead to a move to new lows below $880.
