Ethereum Slumps

Ethereum topped out at our level at $1235, which was our target from the last report. Momentum quickly faded and we have since rejected that level. Currently, the price action is meandering in the value area between $1017 and $1235, however the price action is rounding off, and there is little buying interest. We should see support from $1017 should we fall further, but for now we are seeing good support at $1100. If we can pivot here, then $1235 should hold as a ceiling for now.