Green lines- trading range
Blue line- neckline support (broken)
Red lines- Bearish channel
Ethereum is trading around $1,220. Price has broken below the trading range it was in the last couple of weeks and is following the plan we explained in our previous analysis. Ethereum remains inside the medium-term bearish channel and below the neckline resistance. Our first sell signal came when price broke below the neckline support. Today we get a new bearish signal with price breaking below the trading range. Our short-term target is the lower channel boundary close to $1,050-$990. Resistance is at today's highs and as long as price is below this level, I expect Ethereum to remain vulnerable to more downside.