FX.co ★ Ethereum challenges cloud resistance once again.

Ethereum price is bouncing higher after making a low around $2,300. The January low remains intact. However price remains below the Ichimoku cloud in the Daily chart, thus trend according to this indicator remains bearish.

Ethereum is trading below the Kumo (cloud) and below both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). Both indicators provide resistance at $2,730 and $2,790 respectively. A rejection at current levels will push price back towards today lows or even lower. There are hopes of a reversal but we have no such a signal. First signal would be for price to enter the cloud and break above the kijun-sen.