For price to start a new bullish trend, Ethereum (ETH) must break over its major resistance of $2103 & hold. Around this area lies the top trend line of the descending channel & the 200 MA. Both of these marks have kept ETH price in a downtrend for the past couple months. This price area will be the true test for ETH bulls as a break above these 3 important marks will likely clear the path for a run to its major resistance zone of $2330-$2432.
While looking at the RSI, we can see a 2 week trend line has just broken. If strength stays above this trend, expect a push to the 50 value or above. This will likely fuel price to rise $100+. The MACD has been flatlining under the 0 value getting ready for a vicious break. As long as the blue MA stays over the orange MA expect a bullish break soon.
ETH has not been able to crack its bearish trend ever since its ATH of $4500 was recorded. Ethereum (ETH) along with the rest of the market has fallen nearly -70% from highs set in April/May. Investors & traders continue to disagree as to whether the cryptocurrency market has entered a bear market or not. Many coins have been stuck within a descending channel which has kept the price stuck in a downtrend.
Price has been respecting its descending channel for nearly 2 months. Bulls & Bears have equally defended both sides which has left price action in a consolidation like formation. At the time of writing, ETH sits within its major support zone of $1811-$1944.
If this area fails to hold, ETH price will likely free fall to a new low near $1650. If this does occur, ETH becomes in danger for a retest of previous all time high near $1500. This would be likely a bounce point for some type of uptrend to begin.
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