Ethereum still under pressure near February lows.
Ethereum is trading at $1,450 area after a strong bounce from $1,365 to $1,707. In our last analysis about Ethereum we mentioned that as long as price is below $1,776 we expect price to remain vulnerable to a move at least to recent lows of $1,365 and maybe lower.
Blue rectangle – resistance
Black lines -Fibonacci retracement levels
ETH/USD got rejected at the 50% Fibonacci level and is now moving lower towards the recent lows. Breaking below $1,365 will be a bearish signal, implying more downside is to be expected. Next downside target if recent lows are broken is at $1,000-$1,050. Short-term resistance is at $1,707. Breaking above this level will surely push price towards $1,776 and maybe higher. For now price remains in bearish short-term trend after the top at $2,034.
The material has been provided by InstaForex Company – www.instaforex.com