Many coins in the altcoin market endured pull-backs with Ethereum facing some resistance at $2000 and were unable to hold on to the $1915 price level as well. Ontology dropped sharply beneath the $1.4 mark, and BitTorrent token rose toward a level of resistance at $0.02.
A move for ETH beneath the rising channel and the inability to defend $1896 meant that the next level of retracement for ETH would likely test is $1811, and $1745 beneath it.
The rising channel is a bearish reversal pattern and gives a target of $1745 for bears to achieve in the coming days. The $1915 saw a brief bounce for ETH as it moved higher to touch $1965, but faced stiff selling pressure once more and was pushed beneath the $1900 mark.
The Awesome Oscillator on the 4-hour chart showed that the bullish momentum of the past few days was waning. The indicator too could soon turn in favor of the bears.