Ethereum has found support once more inside of its ascending symmetrical channel on the 4 hour.
This is a technically a bearish pattern but as long as it remains inside of the channel, buy opportunities exist at the lower green trendline and short opportunities exist at the upper red trendline.
A move from where we currently are would be about 15% to the top of the channel where profit taking would be wise.
A first target for profit taking would be around 2335.
If a break down and full body candle close outside of the channel on the 4 hour were to occur one would want to exit any long positions as the target move would likewise be approximately 10-15% to the downside.
This is a technically a bearish pattern but as long as it remains inside of the channel, buy opportunities exist at the lower green trendline and short opportunities exist at the upper red trendline.
A move from where we currently are would be about 15% to the top of the channel where profit taking would be wise.
A first target for profit taking would be around 2335.
If a break down and full body candle close outside of the channel on the 4 hour were to occur one would want to exit any long positions as the target move would likewise be approximately 10-15% to the downside.