FX.co ★ Ethereum rises more than 10% but....

An impressive upward movement is underway in most cryptocurrencies today. Ethereum is rising more than 10% and has reached as high as $2,976 when last week it was trading as low as $2,300. However bulls are still not out of danger.

Ethereum has reached the red downward sloping resistance trend line. This is important resistance as price already got rejected twice when price touched it. Support is at yesterday's low at $2,570. Breaking below this level will increase chances of a re-test of $2,300 and maybe a move even lower. Breaking above $3,000 would be the first sign of strength and the first sign of a possible reversal and the end of the downtrend that started at $4,778.