ETH priceis trading between 215 and 252 in a huge parallel channel with consolidation within it. After these formations, we will see a breakout coming in when the upper and lower lines touched strong enough.
ETH Price Analysis: 4 Hr Chart
ETH Priceis trading below the 20 and 55-EMA which can confirm the next bounce to the downside as it is strong resistance and also we have an EMA cross down here which is confirming this view.
The RSI is sending moderate signs more to the downside which can provide with a test of lower levels here to touch it before backing up again to confirm the consolidation in the channel ETHUSDhas. This channel will break either up or down and after the channel is broken it will confirm with high volume
and momentum in the best case after that we will see a trend following in the breakout direction.
EXPECTATION: Consolidation up and down
TREND AFTER EXPECTATION: EIther up or down
RSI: Moderate to more bearish
DAY’S RANGE: 232.84 — 238.62
With Eth 2.0 updates and other positive news coming in, it will be interesting to see how ETH prices react to these updates. Keep following our analysis section for more updates.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com