#ETH lost the initial blue-circled area as support and has since dumped past the dashed line support.
#Ethereum needs to hold this ~$1680 support area to prevent a multi-month downtrend.
Also, bullish sentiment will return only if we have a weekly close above ~$3,050.
A weekly close like this means the blue-circled area has turned red thus the price is heading to the dashed line support area.
Price needs to rally back above ~$3,050 for bullish sentiment to be back.
#ETH bounced from ~$2,797 and immediately got rejected from ~$3,050.
Ultimately, #Ethereum is still holding this blue-circled area as support however it's showing signs of weakness.
Will this blue-circled area eventually turn red this week due to signs of weakness?
Weekly close below ~$2,791 confirms this!
Nice price action from ETH going to the daily close!
Ethereum has finally started to show strength from the blue-circled area.
Very important that ETH continues to hold the blue-circled area as support till the weekly close.
Not a convincing weekly close for ETH!
No reaction from the blue-circled area thus far which shows weakness.
Ethereum is still hovering inside this circle however it needs to go above the top of this blue-circled area (daily confirmation) to prevent a retest of the dashed line support.
Not a convincing weekly close for #ETH.
#Ethereum failed to flip ~$3,350 as support on the retest and has since dipped to the (~$2,791 - $3,050) support area.
It is important that #ETH holds this blue-circled area as support just like other green-circled areas.
#ETH can dip to as low as the top of the green-circled area and still maintain bullish structure.
Inasmuch, #ethereum keeps closing inside this blue-circled area, the bullish sentiment remains intact.
$ETH is doing everything right at this point until it closes back inside the green-circled area.
#ETH is doing exactly what's needed for a continuous uptrend. It's very important that $ETH breaks through this ~$3350 resistance and confirms it as support.
#ETH needs to perform a weekly close above the green-circled area just like it did in previous weeks to prevent a repeat of the red-circled area.
A weekly close above this area will allow #ethereum to challenge the ~$3,350 resistance and more importantly the ~$4,075 resistance.
