Ethereum became under $ 6,000; How long is the downward trend?

Ethereum began a correction yesterday with close proximity to the $ 1.5 resistance. This downward trend has been on the moment and may be priced at $ 1.5 in the short term.

Ethereum has repeatedly been trying to start a new uptrend over $ 1.5 in recent days; But these efforts were not fruitful, and the price fell below $ 1.2.

The downtrend of the previous day was accompanied by the breakdown of the $ 1.2 and a 2 -hour removable average (EMA 1 – the blue line in the picture), and that upward trend line that formed support in the $ 1.2 range was completely broken, and Ethereum eventually lost $ 2.9.

The price of the Ethereum has been formed around $ 1.5 in recent hours, and the price is slowly modifying its previous falls. If the market rises, the closest support will be $ 1.5, with a 4.9 % fibonacci reform level. In this analysis, Fibonacci levels are set on a downtrend of $ 1.2 to $ 1.2. $ 4.1 and $ 4.2 are also key resistance of Ethereum.

Fibonacci’s 5 % level is close to $ 4.9, and full price passing through the area could increase the chance of Ethereum to return to $ 1.5. If we continue to rise, we can also wait for the Ethereum mutation of up to $ 1.5 in the short term.

On the contrary, if the Ethereum fails to cross the $ 1.5 resistance, the downward trend of recent hours can continue. In that case, the closest support for Ethereum will be $ 1.2.

The next key support is at $ 4.9 and its breakdown can lead to the fall of Ethereum to $ 1.2. Continuing market sellers’ mastery of the market may also increase the risk of Ethereum falling up to $ 1.2.

The MacD index (MACD) is leaving the uptrend and the relative power index (RSI) is located below the middle axis at Level 2.

As mentioned, $ 1.5 is key to Ethereum’s key support, and $ 1.2 is as priced as resistance.