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ETH Price Analysis: Is It Time For ETH to Break Its Multi Month Channel?

ETH Price Analysis: Is It Time For ETH to Break Its Multi Month Channel?

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Ethereum (ETH) is a near mirror of Bitcoins price action the last few months. When the market turns bearish, 99% of the cryptocurrency market often looks nearly exact. A breakout on top coins such as BTC & ETH is needed for a trend to be set for the rest of the market.

Ethereum’s “London” upgrade is set to launch soon which may have a positive impact on the price action. A large move is needed to put an end to this choppy, directionless price action.

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As shown in light blue, a descending channel has kept ETH price in a strong downtrend the last couple months. Each time a breakout is attempted, the opposing traders do not let it happen. At the time of writing, price is curling off the median line of the channel (red).

This is a good position for a bounce to occur as long as bulls manage to keep price above its major support zone of $1840-$1973. A bearish break of this zone along with the median line of the channel will likely cause a fall to support area of $1573-$1702.

Ethereum Price Analysis: ETH/USDT 1 Day Live Chart

A bullish break of $1965 is needed for ETH price to start an uptrend. This will clear the space for price to rise to major resistance of $2103 & potentially higher. For that to occur, ETH must clear its 30 day MA & HOLD. The key is to hold this MA as price has continuously failed to hold it the last 2 months. If this is deemed successful, price must break the top trend of its descending channel to be completely clear for a larger revival to occur.

The RSI has been stuck within a sideways channel the last 2 months. This range has been from the 35-50 value.

A break of either direction is needed for price to be free for a larger trend to occur. The Stochastic RSI has recently hit a 2 month low which shows buying is also very low. On the bright side, this does set ETH price up for a potential bullish trend if the stochastic breaks above the 20 value.

ETH Price intraday levels

Spot rate: $1,910
Trend: Bearish
Volatility: Low
Support: $1836
Resistance: $1965

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic CoinGape

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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