Ethereum is under pressure and is showing major reversal signs. Price has broken out of the upward sloping channel it was in since late September. Price has most probably completed the upward move since the $2,639 low and is now starting a corrective pull back.
Black lines - Fibonacci retracements
Ethereum is now trading around $4,250 after making a high at $4,863. In previous posts we mentioned that price was testing the lower channel boundary and that a break below it would be a bearish sign. Price has nearly retraced all the way to the 38% Fibonacci level. Today's low is important support. Failure to stay above it, will be a sign of weakness and we should then expect more downside. Next downside target is at $3,745 and next at $3,490. I prefer to be neutral Ethereum or even bearish after today's reversal.