ETH to hold support and trade higher with this channel

ETH is currently trading at the bottom of this 4hr channel that has been acting as support for almost 45 days now. However this time it seems weaker. ETH has come down into that 4hr green ichimoku cloud and has tested the bottom of this cloud twice in short timeframe. To us this indicates some weakness.

ETH has come into the green cloud on this run before but has never tested the bottom of the cloud and has never really stayed inside for longer than 8hrs.

ETH also has minimum horizontal support at this area. If ETH manages to create support here we would like to see a strong move up from ETH first before we decide to trade it.

Order cancelled:

ETH seems much weaker and is now trading below this channel and below the green ichimoku cloud. This is a big sign of weakness and if it doesn't manage to pull up in this 4hr candle it would confirm a break down of this channel.