ETH – Inflection Point

Ethereum fell sharply alongside Bitcoin but it is not as weak, offering two scenarios on the 4-hour timeframe. 

Ethereum dropped to $3474 on Saturday making a long bearish wick. It now trades above the $4000 mark and the support of $4000 has been holding the price of Ethereum for a month now. 

Looking at the chart, if Ethereum breaks above the descending trend line, we are Bullish towards $4300 and if it breaks below, which is more likely to happen, we might test the $3700 again at fib -0.236. The major support of Ethereum is at $3300 at EMA 200.