Red line- resistance
Ethereum is trading around $1,569. Price is right below the key trend line resistance at $1,585. Short-term support is found at $1,525 and as long as price is above this level, bulls have hopes of breaking above the resistance. If price fails to hold above $1,525, the we will be talking about another rejection at the resistance trend line and traders should expect price to move lower towards August lows and maybe lower. As long as price is below the red trend line, Ethereum is vulnerable to new lows. We remain bearish Ethereum in the near term.
