Green line- trend line resistance
Red line- horizontal resistance
Ethereum bounced off $1,000 and is now moving above $1,100 in an attempt to reach and test the horizontal resistance at $1,280 where it got rejected twice so far. Price has made no real progress over the last few weeks as it continues its sideways movement. Ethereum is bouncing higher and has potential to test $1,280 once again. The RSI has moved out of the oversold levels. We continue to consider that this sideways movement is only a pause to the major downtrend. Ethereum has potential to bounce towards $1,470, but I believe that this is a counter trend move and we will soon see price under pressure again.
