It looks like more bad news is in store for everyone holding Ethereum (well, the rest of the crypto markets too for that matter). Ethereum broke the trend support we were hoping to see hold and get a close above the $1,240 resistance line. Bulls failed to show up though and Bears stepped in to push prices down to find a new low for the short term.
Prices are now trying to undergo a similar consolidation point and hoping to hold price levels above the $1,140 mark. A break of this support puts us down testing the $1,110 support. Trend line support will now also be resistance for any upsides.
$1,200, $1,210 and $1,240 are the nearest immediate resistances that have any significant relevance that we will be looking out for.
Looking at the Daily chart, we are still extended on the upside and I'm still maintaining a prediction of testing the $875 support before too long. If that level does break, we're looking at support at $760. One of these levels is bound to hold and we should see a bounce to the upside. Should we see support and find the bulls show up to rally, my fear would be we'd come up short of an ATH again and we'd see price movement similar to BTC is seeing, and we'll be looking at a longer term correction and down trend.
Will keep you all updated as price movement happens! Thanks for reading and stay safe!
