Relevance up to 16:00 2022-06-23 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Red lines- bearish channel
Ethereum price recently made a low at $880 and is now trading above $1,000 again. Price remains inside the downward sloping medium-term channel. The RSI is at oversold levels and turning higher in the Daily chart. There is upside potential towards the upper channel boundary resistance at $1,370. As long as price is inside the red channel, Ethereum will be vulnerable to new lows. Current market conditions justify a bounce higher towards channel resistance where we also find the 38% Fibonacci retracement of the decline from $2,015. Concluding, trend remains bearish in the medium-term, however in the short-term there is some upside potential.