The Ethereum (ETH) price has fallen since it failed to reach a new yearly high on November 24.

Despite the drop, ETH remains above the $2,000 level. Will it bounce and attempt to reach a new yearly high, or are more lows in store?

Ethereum Falls Before Yearly High

The technical analysis of the daily time frame shows that Ethereum began an upward movement in October. During the increase, it broke out from a descending resistance trend line that had been in place since the yearly high of $2,140 on April 16.

The ETH price has not returned to validate this trend line as support yet.

While Ethereum approached its yearly high, it failed to reach it. Rather, it created a lower high and a long upper wick (red icon) on November 24. The wick is considered a sign of selling pressure.

With the RSI as a mo

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Author: Valdrin Tahiri

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