Posted on

Ethereum (ETHUSD) bullish channel update: 4hr tf

My previous post Ethereum (ETHUSD) can be found here:

https://coinanalyst.investments/2018/04/25/ethereum-ethusd-bullish-channel-update-4hr-tf/

It was mentioned in the post that the likely target area for any bullish move would be the upper boundary of the channel with a target area set between ~$702.83 and ~$725.06.

Price channel for Ethereum: 4hr tf analysis

Ethereum (ETHUSD) reached very close to the lower boundary of the target area on April 29, 2018 with a high of ~$700.00. Price action from ~$614.39 to the mention $700.00 was very lazy with overlaps and stayed mostly along the lower portion of the bull channel with many price overlaps.  This implies weakness in pushing prices upwards and a break of the bull channel to the downside is likely.

Support as used in the previous post is now Support 2 (i.e. between $575.28 and $555.73), while Support 1 which is an upper target should Ethereum break the channel is between $627.68 and $597.18.

The lines of the bullish channel have been further extrapolated to be able to determine the next higher target for Ethereum (ETHUSD) should it hold and not breakout of the channel.  The next target area for Ethereum (ETHUSD) therefore would be between ~ $737.36 and $763.47.

One thought on “Ethereum (ETHUSD) bullish channel update: 4hr tf

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.