Conclusion for today’s Ethereum Analysis:
Price closing above ~204.18 implies higher Ethereum price.
Ethereum Analysis for today is provided on the 6 hour (intraday) timeframe that covers over 9 months of market action. The bullish channel in Ethereum that started in December 2018 and reached a price peak of 363.18 on June 26, 2019 is plotted on the chart.
A reversal candle marked the end of the channel with Ethereum selling off to not only test the lower boundary of the channel, but break and close below it.
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A falling wedge chart pattern is indicated on the chart to provide perspective for the meandering price action from the June 26, 2019 peak to date. The falling wedge is ideally bullish and implies price eventually breaking the upper boundary of the pattern and moving upwards.
The 200 moving average along with the 50 moving average both maintain a down trending slope which suggests that bearish force in Ethereum is still very active and therefore provides chances for more downside action.
Any movement to the downside would be expected to test the lower boundary of the wedge and should not move past if any bullish momentum is to develop.
Alternatively, price moving past ~176.58 that goes on to break the upper boundary of the wedge (confirmation of pattern) should produce fresh bullish momentum in Ethereum.
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Our previous Bitcoin technical analysis before the current price rally was also posted for FREE and can be found here.