Red line -resistance
Green lines- Fibonacci retracements
Ethereum is currently trading around $1,215 on a positive week relative to the previous one. Price however has made no real progress relative to the 2022 low back in June. The low at $880 has marked the low of 2022 so far as price remains under pressure since the top from November of 2021. Ethereum has retraced more than 61.8% of the entire bull run of 2020-2021. Price has even reached the 78.6% retracement level as it is still making lower lows and lower highs. The red downward sloping resistance trend line is the first obstacle bulls will need to break in order to start a trend reversal. The RSI has bounced off oversold levels but we have not seen yet a bullish divergence. We could see lower lows over the coming weeks as long as price is below $1,300-$1,400.