FX.co ★ Ethereum rejected at trend line resistnace.

Ethereum is trading below $2,800 again after reaching as high as $3,044. Bulls were unable to hold price above $3,000. Holding above $3,000 was key for bulls, but they were unable to do it. The rejection at the resistance trend line was a bearish sign.

Ethereum continues to trade below the resistance trend line. As long as this is the case, bears remain in control of the trend. The red downward sloping resistance trend line is key for the short-term trend. This resistance is at $2,900. Bulls need to recapture this level and stay above it. A move above $3,050 would be a bullish sign and the start of a formation of higher highs and higher lows. Until then bulls need to be patient.