FX.co ★ Big test ahead for Ethereum.

Ethereum made a double bottom around the $1,700 price level. Trend remains bearish despite the short-term bounce. Price has important resistance just above current levels, around $2,300. Breaking above this level would be an important break out and will most probably push price towards $2,800.

Blue lines - Fibonacci retracement.

Price has most probably completed the downward move from beginning of June around $2,900. Ethereum is now bouncing higher towards the red resistance trend line. Most probable scenario is for price to reach the 50% retracement and get rejected at these levels.