Red line -resistance
Green line - support
In our previous analysis on Ethereum we warned traders that price was challenging important Fibonacci retracement level at $1,720. Price got rejected at the 38% Fibonacci retracement and broke below the upward sloping short-term support trend line. Ethereum has pulled back towards $1,620 forming a higher low. If bulls manage to break above recent highs at $1,720, then we could see Ethereum move higher towards the 61.8% Fibonacci retracement. Until then, price remains vulnerable to a move lower.