Over the course of a year, ETH has been trading inside a huge bullish channel . On several occasions, this channel has functioned as a strong support and resistance are.
It appears that the lower bound of the channel is holding for now. However, the bounces from the support are getting weaker every time. As it looks now, ETH is forming a bear-flag, signaling more potential downside pressure.
In case of a bounce, we could see a quick move towards the $3000 area. Be aware we first need to break through the bear flag. In case of more bearishness next week, keep an eye out for $2200.
Happy trading!
It appears that the lower bound of the channel is holding for now. However, the bounces from the support are getting weaker every time. As it looks now, ETH is forming a bear-flag, signaling more potential downside pressure.
In case of a bounce, we could see a quick move towards the $3000 area. Be aware we first need to break through the bear flag. In case of more bearishness next week, keep an eye out for $2200.
Happy trading!
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