28.07.2022 05:10 PM
Ethereum retests important horizontal resistance.

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Red line- horizontal resistance

Blue line- horizontal support

Black lines- Fibonacci retracements

Ethereum is trading very close to the key short-term horizontal resistance of $1,680. Ethereum has tested this resistance several times already but failed before. Another rejection at this resistance would be a bearish sign and would lead price back towards $1,300 and most probably lower. If bulls manage to break above $1,680, we should then expect Ethereum to reach the 38% Fibonacci retracement target at $1,910. Ethereum price is making higher highs and higher lows. The RSI has still not reached overbought levels. Current market conditions justify for Ethereum to continue its upward movement. A break below $1,350 will increase chances of testing $1,300 and breaking below it.

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