Hi everyone! Analyzing the four hour chart, ETH has broken out past the top of the downtrend channel it has been since it's all time high. It pressed against the top of this channel resistance for several sessions before breaking out with some decent volume . However, I would like to have seen more volume to take a larger position, but the uptrend looks to be real. In my opinion the breakout is confirmed with support setting up around the $480 mark with the next target point of $550.00
***This is not a recommendation to buy or sell. Please do your own research and make educated trading decisions***
***This is not a recommendation to buy or sell. Please do your own research and make educated trading decisions***
Comment:
Uptrend continues. ETH bounced off the stated $480 support during both the 00:00 - 04:00 and 04:00 - 08:00 UTC periods. Now at $527 and approaching previously stated target.