Ethereum (ETHUSD) price achieved a strong breach of 1731.25 level, to decline sharply and reach the awaited target at 1605.10, which represents the 50% Fibonacci retracement level for the rise measured from 1070.72 to 2139.53, noting that breaking it will push the price to visit the next corrective level that reaches to 1479.00.
By looking closely at the chart, we find that the price completed the formation of a double top pattern after breaching 1731.25 level, which encourages us to suggest the continuation of the bearish trend on the intraday and short term, and heading towards achieving more negative targets, taking into consideration that breaching 1731.25 will stop the current decline and lead the price to try Restore the main bullish trend again.
The expected trading range for today is between the support 1560.00 and the resistance 1700.00
The expected general tendency for today: is bearish
