Red line -resistance

Green lines- Fibonacci retracement levels

Ethereum is trading around $1,193 as price has reached the downward sloping resistance trend line and it is showing rejection signs. Resistance around $1,200-$1,300 is very important. Long-term support is found at $1,110-$1,070 area. A break below the long-term support will be a negative sign with bearish implications. Downside target is around $700-$600 if support fails to hold. On the other hand bulls have a lot of work to do in order to reverse the medium-term bearish trend. Price remains vulnerable to the downside as long as price is below the red trend line resistance.