Red line - resistance
Blue line- support
Ethereum is in a short-term bullish trend since mid November when price made a double bottom around $1,073. Price is now trading around $1,285 after reaching as high as $1,350. Price is showing rejection signs at the horizontal resistance of $1,350. Ethereum is pulling back but for now it remains above the key upward sloping support trend line. This support is now found at $1,270. Price has not stopped the sequence of higher highs and higher lows yet. A break below $1,270 would be a sign of weakness and most probably a sign that the downtrend is resuming. Price is still far below the pre FTX scandal levels.
