Daily Timeframe Analysis and Update
The Daily timeframe of Ethereum is provided in today’s analysis using a log scale. Previous Daily timeframe chart analyzed is also provided for reference.
Ethereum is currently just trading under the upper boundary of the Daily timeframe channel with completion of a minute wave (iii) expected.
Key levels to focus on: 232.76, 208.52 and 184.27 (based on data from BITFINEX).
Outlook: The expected trajectory of price is marked on the chart with Ethereum expected to have a slight pull back any of the key levels mentioned above before a resumption of bullish momentum. (I.e. current bullish upside for Ethereum is limited). Resumption of bullish momentum after the pull back is expected to target the upper boundary of the channel as a minimum expectation.
Note: Prices can vary between Ethereum exchanges. Therefore slight differences can occur in the charts provided above as a result of different data sets.