Ether prices may fall further in the short term, but the overall uptrend may not be over
The price of Ether has been falling rapidly of late after suffering a rejection at the $2,750 resistance level. Although further declines are more likely in the short term, the overall uptrend may not be over yet.Technical analysis from TradingRage shows that the price of Ether is showing a large ascending channel on the daily chart. The upper boundary of the pattern combined with the $2,750 resistance level to keep the price below. The market has since fallen below the $2,400 level and is currently retesting it. If the price fails to climb back above the $2,400 level, then the possibility of a further decline to the 200-day moving average, which is located near the $2,000 level, will be very high.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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