The breakdown of the $492.5 levels on June 13 proved to be temporary,
as Ethereum rebounded sharply on June 14, following the good news.
The pullback stalled at the resistance line of the descending channel.
Today, the bears are trying to sink the digital currency back below $492.5 levels.
If they succeed and break below the June 13 lows of $450.1,
the decline can extend to the support line of the descending channel.
On the other hand, if the bulls hold the zone between $450.1-$492.5,
then another pullback attempt is probable. On the upside, the ETH/USD
pair can face selling at the resistance line of the descending channel,
at the 20-day EMA and the downtrend line.
CHEERS
