Ethereum continued its decline on Wednesday and is closing in on December's low.
Price is approaching the support level around $400 which has been a strong resistance for the second half of 2017.
After the break of this resistance, it became support and price pushed up to new all-time highs.
We can reasonably expect that this support will provide some kind of a reaction and buyers would be willing to step in around these prices.
We would like to see a strong reaction from around $400 and price needs to push up to at least the $500 resistance before making any buying decisions.
There is the possibility that price drops further down to the support level around $350 where a reaction is also to be expected.
Good Luck,
CryptoTrendline
Price is approaching the support level around $400 which has been a strong resistance for the second half of 2017.
After the break of this resistance, it became support and price pushed up to new all-time highs.
We can reasonably expect that this support will provide some kind of a reaction and buyers would be willing to step in around these prices.
We would like to see a strong reaction from around $400 and price needs to push up to at least the $500 resistance before making any buying decisions.
There is the possibility that price drops further down to the support level around $350 where a reaction is also to be expected.
Good Luck,
CryptoTrendline