FX.co ★ Ethereum under pressure but still above key support.

Blue line- neckline support

Ethereum is trading around $1,595 having made a sharp decline yesterday from $1,755. Price continues to move mostly sideways respecting the neckline support at $1,425. As long as price is above $1,425-$1,400 bulls have the upper hand. Failure to hold above the blue line will be a bearish signal. If we get this bearish signal, we should expect Ethereum to test June lows if not break below them. Recent high at $1,790 is key short-term resistance. Bulls need to break above it in order to strengthen the bullish momentum.