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28.12.202215:39 Forex Analysis & Reviews: Weekly analysis on Ethereum.

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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.

Alexandros Yfantis
Analytical expert of InstaForex
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