Ethereum over the past few weeks has registered multiple rejections at $1,280. It continues to aim toppling above the aforementioned price level. ETH has been trading in a downward channel since July 8.
Over the last 24 hours, Ethereum lost 3.3% which to an extent has reversed its weekly gain considerably. Technical outlook remains bearish on the short time frame. The pullback that Ethereum faced multiple times could possibly catapult price higher. In that case, ETH might target resistance levels above the $1280 mark.
The two other strong barriers for the coin stood at $1420 and $1540. Broader market strength can help Ethereum regain momentum, Bitcoin too, has been struggling at the $20,000 price level.
This has caused most altcoins to follow the same price movement. Buying strength would also start to pick up once Bitcoin displays signs of recovery on its chart. Currently, sellers continue to dominate Ethereum.
Ethereum Price Analysis: Four Hour Chart
Ethereum was priced at $1,140 on the four hour chart | Source: ETHUSD on TradingView
ETH was trading at $1,140 at the ..
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