Ethereum reacted negatively to its minor resistance levels

Feb 13, 2023

Ethereum reacted negatively to its minor resistance levels in the last 24 hours, and as soon as it hit the level of $1540-1550, we saw the price of Ethereum drop. From the bottom of the support range of 1483 to 1500 dollars, until it is completely broken, we expect the continuation of the Ethereum range. The positive point for the short term is that a descending channel has been identified in the CME market for the Ethereum chart, the ceiling of this channel has not yet been broken, and the short-term trend is still bearish. Only if there is a positive reaction to the support of this indicator, and the ceiling of the channel is broken, we can expect a positive swing from Ethereum to the $1600 resistance. One of the most important medium-term supports of Ethereum is in the price channel of $1300, and we expect a positive reaction from this range if the support of $1500 is completely broken.