The Ethereum (ETH) price fell this week but trades above an important horizontal support area.

Despite the decrease, ETH still trades inside a short-term bullish pattern. Will it break out?

Ethereum (ETH) Falls After Rejection

The ETH price has increased inside an ascending parallel channel since October 2023. The upward movement led to a high of $2,717 on January 12. 

While this seemed to cause a breakout from the channel, ETH fell shortly afterward, validating it as resistance (red icon) and creating a bearish candlestick. 

Ethereum has fallen since and is approaching an important horizontal support area.

The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.

Readings above 50 and an

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Author: Valdrin Tahiri

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