Ethereum analysis for today is presented on a 6 hour timeframe chart with major focus on the uptrend in Ethereum ( ETHUSD ) since December 15, 2018. Context is provided for price action ever since then using a .
Ellipses on the chart indicate price used to draw the channel with the most recent i.e. (148.88) occurring on April 25, 2019. The most recent peak in Ethereum achieved on May 16, 2019 at ~279 failed to test the upper boundary of the channel and is therefore a sign of weakness in strength.
Also indicated close to the recent peak in price action for Ethereum is a structure which is ideally a continuation pattern, and in this case, . On the other hand, price closing below ~224.77 further decreases the chance of a move and suggests the bottom of the channel at ~186.84 as the next target.
Trading Ethereum for a (long) position(s) is considered most conservative if an order(s) is placed upon break above ~325.30. This ensures that price has successfully ejected from the and also the structure would have been confirmed.
Less conservative strategies would seek to buy as soon as is confirmed by price closing above ~262.25 since the implication of the chart pattern in a continuation position is the resumption of the previous trend.
On the other hand, price closing below ~224.77 further decreases the chance of a move and suggests the bottom of the channel at ~186.84 as the next target. 156.73 and 148.43 represents immediate support for Ethereum below the and price closing below 148.43 indicates further strength.