Red lines- bearish channel
Green lines- trading range
Ethereum is bouncing off the lower trading range boundary. Price remains for several weeks inside a trading range. Recently we witnessed an intraday breakdown but bulls stepped in and saved the day. On a daily basis price continues to respect the range boundaries. With price bouncing off the lower range boundary, we focus on the upper range boundary which is key resistance. This resistance level is at $1,400. We are also very close to the upper channel boundary. A confluence of resistance around $1,400. This increases the importance of a possible break or rejection. Approaching $1,400 traders need to be very cautious.