15.03.202214:36 Forex Analysis & Reviews: Ethereum still under pressure.

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Ethereum price is around $2,540. Technically trend remains bearish making lower lows and lower highs. Price remains below the key resistance trend line since November. So far there has been no sign of a reversal. Bears remain in control of the trend.

Red line -resistance

Resistance by the downward sloping trend line is found at $2,800. Ethereum bulls will need to break above this trend line in order to get the first bullish signal. So far price continues to respect the trend line and stays below it. Bears remain in control. This could end soon but we will be more sure about this if price breaks the resistance trend line. Support is found at $2,340. Failure to hold this level will open the way for a bigger decline towards $2,200-$2,000.

Alexandros Yfantis
Analytical expert of InstaForex
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