Ethereum analysis for today is shown on a 6 hour time frame. A logarithmic scale used in conjunction chart pattern analysis shows the bearish price channel in Ethereum from January 13, 2018 to current date.
Price closed below the channel for the first time on November 24, 2018, followed by consolidation, and further sell off in Ethereum. Earlier entry into the bearish trade in Ethereum was provided here.
Price action from December 7, 2018 to December 15, 2018 is interpreted as a double bottom chart pattern (ideally bullish) that led to the current bullish price swing in Ethereum.
The dotted green line marks the immediate bearish trend line in Ethereum and a break above the line is considered a bullish signal (i.e. price closing above ~$172.99).
Strategies that involve buying on a breakout above the upper limit of the bearish channel (~$270.74) are considered more conservative than long positions entered on a break above $172.99.
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