The Ethereum price was on its way to reach the upper resistance above $2500, but the bears held back just below $2400. After making repetitive attempts to rise above the ascending trend line, the ETH price formed a clear bearish pattern. This may not be in favour of the bulls, as the selling pressure has accumulated to a large extent at the moment.
The second-largest crypto has a string of reversal indications that forecast a bearish price action. Despite the prevailing bearish claws, the ETH price appears to be preparing itself well for a bullish monthly close, and hence begins the fresh yearly trade above $2300 to $2350. However, the current trade setup suggests a bullish reversal may be on the horizon.
Ever since the price flipped from the lower support during October, the rally has maintained an ascending trend to mark the highs around $2,446. Despite this, the token failed to rise above the trend line that could have lifted the levels to close to $2,500. However, the fresh price action, which is the continuation of the previous bearish trend, suggests a rebound could be imminent.
Besides, the DMI is going bearish as the ADX has plunged and the other signal lines are about to undergo a bearish cross-over. Therefore, the Ethereum (ETH) price may print another couple of bearish candles to test the lower support at around $2,179, which may trigger a healthy rebound. However, the bullish strength could be a major concern, as the price may begin with a fresh upswing only if it makes its way above the ascending trend line that has been a major resistance level.
