ETH has encountered resistance and so far the long-term trend has not changed. The price reaches declining highs and lows in the long run. So that we can identify trend reversal we will need a higher local minimum and then break the maximum between these lows.
Last resistance was respected on the surface $ 2,800, where there is resistance from the maximum correction leg. The price thus falls in the short term, although short-term lows are rising. Another minimum should be created above the surface $ 2,200 if we want to think about trend reversal or potential correction date.
ETH respects resistance
If the price stops over $ 2,200, so it’s in the game reverse pattern. Nevertheless, to confirm the reversal of the trend, we will subsequently need the price to exceed the maximum at the level of $ 2,800, which is also the closest resistance. However, as we can see, there is further longer-term resistance above this maximum.
For definitive establishment primary upward trend so it will be necessary for the price to exceed maximum at $ 3,400. However, as we can see, we are far from this fact at the moment and we will still wait for the trend to reverse. We will monitor the position of the next local minimum in the short term.