Ethereum made a low yesterday at $1,365 after topping at $2,032. Price is bouncing off the $1,365 low and so far price has retraced up to the 50% Fibonacci level. The major short-term resistance level that must be broken is at the 61.8% Fibonacci level at $1,776.

Blue rectangle - resistance

Ethereum bulls need to break above the 61.8% Fibonacci retracement level. Inability to break above this resistance zone at $1,776-$1,800 will be a sign of weakness and will most probably be followed by a rejection and a new leg lower with increased chances of breaking below $1,365. Support is found at $1,497 but the most important level is at $1,365. Breaking below this level will open the way for a move towards $1,000. Trading close to the $1,800 resistance area is opportunity for short-term traders to make small bearish bets as stop is very close and potential is to see a move to $1,000. Recapturing the $1,800 level and staying above it will make us turn bullish again.