FX.co ★ Ethereum rejection at channel resistance

Red lines- bearish short-term channel

In previous posts we noted the downward sloping channel Ethereum was in. Price reached the upper channel boundary resistance and got rejected. Bulls were unable to break above the short-term resistance and provide the base for a move higher. Resistance remains key at $1,260 and as long as price is below this level, I expect Ethereum to continue lower to new lows. Breaking above this level would be a bullish signal and could push price towards $1,700. Downside targets are placed below $880. The RSI has not provided a bullish divergence yet, so we expect new lower lows to be seen.