The above chart of Ethereum laid out the Horizontal channel pattern. Horizontal channel pattern also known as the sideways trend. In general, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it. A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
Currently, Ethereum is in the range of $1215. If the pattern continues, the price of Ethereum might reach the resistance levels of $1285 If the trend reverses, then the price of Ethereum may fall to $1205
Happy Trading
Comment
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Near Entry Point
Order cancelled
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Price was unable to break through the Resistance level.