Like Bitcoin, Ethereum is breaking down. After a mild rally on a shorter time frame, ETH followed the whole cryptocurrency market lower. Ethereum is moving inside a bearish parallel channel and currently touching the lower end of the channel. Ethereum is very likely to break below this channel soon and move to the next support of $3233, fib 1.618. Testing $3000 is very feasible for the bears right now. Ethereum has resistance at $4,000, fib 0.236.
