Ether price analysis
ETH continues to trade inside the descending channel pattern, indicating that the bears are in control.
The price is attempting to bounce off $2,850, an important level for the bulls to defend. If this level breaks down, the ETH/USDT pair could start the next leg of the downtrend to the channel’s support line.
Time is running out for the bulls. If they want to make a comeback, they will have to start a recovery and drive the price above the resistance line. The pair may then rise to $3,357 and later to $3,730.