Ethereum prices have been on a downward trend for some time, with limited volatility recently. However, yesterday’s session saw a clear upward impulse, although this does not change the overall market picture. The main trend remains downward, and the key resistance level in the medium and short term is $2,190. Only a sustained break above this level could trigger a larger corrective move towards $2,663, where the upper limit of the 1:1 geometry is located.
Ethereum – D1 interval. Source: xStation5
On the lower H1 timeframe, the recent upward movement may have been related to the breakout of the neckline of the inverted head and shoulders formation. The price reached resistance at $2,135, where a supply reaction appeared. In the short term, the direction remains unclear – resistance is at $2,135, while support is at $1,937.
Ethereum – H1 interval. Source: xStation5
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