FX.co ★ Ethereum remains supported.

There is a huge battle between bulls and bears in Ethereum as price continues to ride along the key upward sloping support trend line. There are brief moments where price seems to be breaking down below support, however bulls step in and push price above the key trend line again.

Blue line -trend line support

Yellow rectangles- attempts to test key horizontal level

Ethereum price made several attempts the past few sessions to break below the blue upward sloping support trend line. Price so far seems to respect it. On the other hand bears continue to put pressure on price as the Daily candlesticks continue to make lower highs. Soon I expect to see a rise in volatility and price to provide a new trading signal. Failure to stay above $3,750-$3,800 will lead to a sell signal targeting $3,000. On the other hand if price breaks above $4,110 we expect to see a strong bounce even to new all time highs.