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03.06.2022 05:16 PM
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.

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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.

Summary
Urgency
Analytic
Alexandros Yfantis
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