Red lines- trading range
Ethereum is trading just above $1,200. Price has been trading mostly sideways inside a trading range since mid December and the low at $1,150-55. Price has made no real progress since then as it trades between $1,150 and $1,235. Ethereum is back at the trading range upper boundary resistance. Price has tested this area several times the previous month but with no success in breaking above it. That is why a break above $1,235 would be an important bullish signal if and when it comes. On the other hand more aggressive traders could open short positions in Ethereum at current level where price is just below the key resistance. This way they will be expecting another rejection at the upper range boundary and a move lower.
