ETH Attempts To Break June Falling Trendline And Turn Bullish

• Ethereum is up 9% today as the cryptocurrency soars back above $2000 again.
  
  
• It is now testing the June falling trendline as it attempts to break the downtrend from the month.
  
  
• Against Bitcoin itself, Ethereum managed to rebound from support at ₿0.056 and is back above ₿0.061.
  

What has been going on?
Taking a look at the daily chart above, we can clearly see that ETH has been trading beneath a falling trend line for the entire period of June. Nevertheless, over the weekend, the cryptocurrency managed to sustain the support around $1,800, provided by a .886 Fib Retracement level.

Since then, ETH has rebounded higher, and it managed to breach $2,000 yesterday. It has continued upward today and is now testing the falling trend line. A break above this trendline would end the June downtrend and could possibly give way to a recovery back toward the June highs around $2,920.

Ethereum price short term prediction: NEUTRAL
The break back above $2,000 has turned ETH neutral again. It is still a long way from turning bullish and would have to break the June highs at $2,921 to start to turn bullish in the short term. On the other side, a closing candle beneath $1,800 would be required to turn the market bearish again.

If the sellers push lower, the first support lies at $2,075 (.786 Fib Retracement). This level had supported the market during the May market capitulation. Beneath this, support lies at $2,000, $1,800 (.886 Fib Retracement), $1,715, and $1,600.

Where Is The Resistance Toward The Upside?
On the other side, if the buyers can break the falling trendline, the first resistance lies at $2,255 (bearish .236 Fib Retracement). This is followed by resistance at $2,353 (1.414 Fib Extension), $2,446 (1.618 Fib Extension), and $2,623 (bearish .382 Fib Retracement).

Additional resistance is then expected at $2,800, $2,921 (bearish .5 Fib Retracement), $3,000, and $3,220 (bearish .618 Fib Retracement).