Ethereum Possible Entry Levels

Based on the local swing highs and low of the 1H chart, we should draw a horizontal channel. The price reversed from the top border and moves downward. We can spot a strong support zone formed by the uptrend line and 216.00 support level. If the price bounces from this zone and RSI confirms price reversal, we'll have a buy signal. Stop orders must be placed below 216.00 level. Profit target should be at 228.00 level for short term trading, 240.00 and 260.00 resistance levels. If the market breaks the bottom border of the price channel, we'll see further downward movement to 200.00 support level. It will give us new trading opportunity. Also, we can place pending orders for buy above 230.00 for a case, if the market start strong upward movement and breaks the channel.