Black lines- Fibonacci retracement
Red line- horizontal resistance
Ethereum is trading around the $1,500 price level. Price has so far retraced only 23.6% of the last decline. Next important resistance is at $1,683 while the 38% Fibonacci retracement is at $1,900. Price can continue higher. Support is found at recent resistance of $1,280. Bulls do not want to see price fall below this level. If resistance at $1,900 is broken upwards, then I would expect Ethereum to reach $2,540.