Ethereum started moving in a downward channel since mid-March and has continued to move according to this channel. After hitting the bottom of the channel and a relative correction, I expected the price to remain in the $1630 range (blue box). Ether touched this range many times and even went below it for a few hours, however all daily candles closed above this level and moved down to the middle line of the descending channel. After hitting the middle line of the channel, ether moved up to the blue box range.
According to the chart, it can be assumed that this range does not have enough buy orders to create a renewed price growth. Therefore, we can expect Ethereum to return to the bottom of the channel. Ethereum's two main supports are the trend line of the bottom of the descending channel and the $1420 price range. With the breakdown of the descending channel, the price of $1420 will be the main support. If the bulls support the price at the bottom of the channel, it is expected that the price will once again try to test the middle line of the channel, although the blue box in the $1,630 range could be an obstacle for Ether and we will see price conflicts in this range.
what do you think about ETH?
According to the chart, it can be assumed that this range does not have enough buy orders to create a renewed price growth. Therefore, we can expect Ethereum to return to the bottom of the channel. Ethereum's two main supports are the trend line of the bottom of the descending channel and the $1420 price range. With the breakdown of the descending channel, the price of $1420 will be the main support. If the bulls support the price at the bottom of the channel, it is expected that the price will once again try to test the middle line of the channel, although the blue box in the $1,630 range could be an obstacle for Ether and we will see price conflicts in this range.
what do you think about ETH?