Red line- resistance trend line
Blue lines- trading range
Green line- short-term support trend line
Since the recent low on August 21st around $1,524, Ethereum bounced towards $1,665 but remains trapped inside a trading range with no real progress. The sharp decline from $2,030 ended at $1,524 but price shows no sign of strength for a big bounce higher. Short-term support is found at $1,630, by the green upward sloping trend line. Resistance is at $1,665 by the upper boundary of the trading range. Ethereum is expected to make another move lower at least towards $1,550.I do not expect Ethereum to move higher than $1,750 at this point in time.
