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.