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FX.co ★ Ethereum challenges major weekly support.

Ethereum challenges major weekly support.

In our previous analysis we noted the importance of the weekly support around $1,700. A break below this level will provide a new bearish signal for Ethereum and price will be vulnerable to a move lower towards $1,400.

Ethereum challenges major weekly support.

Red rectangle- support

Ethereum has so far tested $1,700 three times. All previous times price bounced higher. Will it do the same this time? Price continues making lower highs. This is a sign that bull's strength is weakening and every upside bounce is weaker. Resistance is at $2,010 and as long as price is below this level, we remain pessimistic for the price of Ethereum.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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