Red line -resistance trend line
In our previous analysis on Ethereum price, we noted that a bounce towards $1,600 was expected. Price today did exactly that an we saw a high around $1,604. Price remains below the key downward sloping resistance trend line. As long as price is below the resistance trend line we will remain bearish. So after such a bounce we might say that Ethereum is back on selling levels for the near term. If bulls remain weak unable to break above the red resistance trend line, we should expect another rejection and move lower towards recent lows, if not make new lower lows.
