EthereumLong
Ethereum (ETHUSD) bullish price channel update: 4hr tf
My previous post on the bull channel for Ethereum (ETHUSD) can be found here.
It was mentioned in the previous post that the next target for Ethereum (ETHUSD) to indicate a continuation of its current bullish momentum was ~ $737.36 and $763.47. Besides, Ethereum (ETHUSD) also reached Support 1 (~ 627.68 and $597.18 ) mentioned in the previous post before resuming the current bullish leg that has seen Ethereum (ETHUSD) advance towards $800.
Due to price action breaking the previous trendline and reaching support 1 mentioned in the previous post, the channel boundaries have been redrawn again to reflect a valid bullish price channel for Ethereum (ETHUSD).
The new target for Ethereum (ETHUSD) therefore is the upper region of the channel, which is ~ $818.71 and $839.68.
Any retracement from the upper region of the channel would likely reach the bottom of the channel at ~$712.98 as indicated by the downward red arrow.
A break below the bottom of the channel should find support A between ~$674.52 and $646.24. A lower support (i.e. support B between $623.62 and $597.60) on a break below support A is another region that Ethereum could possibly target on a break below its channel.
A breakout above the upper line of the channel should be followed by a consolidation in the price of Ethereum (ETHUSD) before going long and/or adding to already established long positions. This ensures avoiding a possible fakeout breakout.
It was mentioned in the previous post that the next target for Ethereum (ETHUSD) to indicate a continuation of its current bullish momentum was ~ $737.36 and $763.47. Besides, Ethereum (ETHUSD) also reached Support 1 (~ 627.68 and $597.18 ) mentioned in the previous post before resuming the current bullish leg that has seen Ethereum (ETHUSD) advance towards $800.
Due to price action breaking the previous trendline and reaching support 1 mentioned in the previous post, the channel boundaries have been redrawn again to reflect a valid bullish price channel for Ethereum (ETHUSD).
The new target for Ethereum (ETHUSD) therefore is the upper region of the channel, which is ~ $818.71 and $839.68.
Any retracement from the upper region of the channel would likely reach the bottom of the channel at ~$712.98 as indicated by the downward red arrow.
A break below the bottom of the channel should find support A between ~$674.52 and $646.24. A lower support (i.e. support B between $623.62 and $597.60) on a break below support A is another region that Ethereum could possibly target on a break below its channel.
A breakout above the upper line of the channel should be followed by a consolidation in the price of Ethereum (ETHUSD) before going long and/or adding to already established long positions. This ensures avoiding a possible fakeout breakout.
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