Ethereum’s price, which is settling at $1,187, will cause a brief increase to $1,254. A rejection at this point would signal that the sellers were still in charge and would trigger another leg downward. In this situation.
The price of Ethereum may decline by almost 15% to hit new lows at $1,074. By taking this action, the liquidity would be collected and buyers would have another opportunity to acquire Bitcoin at a discount.
On the other side, the bearish thesis will be refuted if buyers flood the market at $1,254 and drive Ethereum price higher to turn the $1,352 barrier into a support floor.
This action would confirm the existence of buyers and prepare the ground for a rally. In this scenario, the price of Ethereum might attempt a fast run-up to test the $1,422 and $1,545 obstacles
