While trend remains bullish in Ethereum with price reaching new all time highs, in the short-term we could see a pull back towards $1,700 or lower. Price has tested the last three days the $1,800-$1,820 zone but got rejected.

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Blue lines – bullish channel

With the RSI providing bearish divergence signs and price very close to the upper channel resistance, I feel the upside potential is limited and price should pull back in order for bulls to gain a better momentum for more upside.

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Red rectangle- short-term resistance

Price has visited the $1,800 zone several times the last few days but each time sellers were stronger. It is justified to see a pull back towards the $1,700-$1,650 zone. Short-term traders need to be very cautious if long as the chances of such a pull back are high. If price starts moving lower and breaks below $1,650, we could see a move towards the lower channel boundary towards $1,550.

The material has been provided by InstaForex Company – www.instaforex.com

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