Welcome folks to my new update on ETH. To analyze Ethereum , I am gonna use a higher time frame (8hours).

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Anyways, let’s get back to the chart.

The current scenario of the entire market is bearish for the short term. You can clearly see in the chart that ETH failed to even touch the upper trendline (resistance) and for the last 48 hours +, ETH was falling from the edge. I am expecting ETH to drop towards the lower trendline which is at $2.4k or close to it and then bounce back heavily. I would love to enter on ETH between $2.4k to $2.5k only if we see a bounce coming in.
Note: A drop below the $2.4k support level will be a disaster for ETH cause if it breaks then we may possibly see ETH at $2k.

What do you guys think about ETH? Do you think ETH will bounce back soon or it will keep on rejecting?

Let me know your ideas in the comment box. I will be more than happy to know your opinion.

Trade safely, guys. I will see you in my next update.

Thank you.