09.03.202215:07 Forex Analysis & Reviews: Ethereum to face major resistance trend line once again.

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Ethereum is bouncing higher like most of the cryptocurrencies. Price is now at $2,736 having made a low around $2,445 and a recent high at $3,044. The red downward sloping resistance trend line is now at $2,865. In order to call a bullish signal, price must break above $2,865 and in order to confirm it, we need a break above $3,044.

Red line -resistance trend line

Ethereum has so far tested the red resistance trend line more than three times and each time it got rejected. Price continues making lower lows and lower highs. Bears remain in control of the trend. In order for this to change, bulls will need to break above the red trend line. Support remains at $2,445 and bulls do not want to see it broken. Traders need to be patient. There are increased chances of a bigger bounce, but we have no confirmation yet.

Alexandros Yfantis
Analytical expert of InstaForex
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