Red horizontal line -resistance
Blue horizontal line -support
Black lines- Fibonacci retracement levels
Ethereum is trading around $1,380 after getting rejected at $1,680. Price has so far retraced 23.6% of the entire decline from $3,680 and this is a shallow retracement indicating that bulls remain weak. Ethereum is pulling back and is expected to test the horizontal support at $1,300. Failure to hold above $1,300 could lead price to another move towards $1,000 or lower. If bulls form a higher low and push above $1,380, then we should at least see a move towards the 38% Fibonacci retracement if not the 50% level at $2,225. Medium-term trend remains bearish and we continue to treat each bounce as a counter trend move.
