ETH Price Analysis: Ethereum (ETH) Stuck at Major Support, Is A Drop Below $1600 Inevitable?

• ETH price has fallen over -15% the past week
• Bears continue to break support after support
• ETH Price currently sits within major support zone

Ethereum Price Analysis: ETH/USDT 4 Hour Chart

For price to start a new bullish trend, Ethereum (ETH) must break over its major resistance of $2103 & hold. Around this area lies the top trend line of the descending channel & the 200 MA. Both of these marks have kept ETH price in a downtrend for the past couple months. This price area will be the true test for ETH bulls as a break above these 3 important marks will likely clear the path for a run to its major resistance zone of $2330-$2432.