Relevance up to 15:00 2022-06-30 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 short-term channel
In previous posts we noted the downward sloping channel Ethereum was in. Price reached the upper channel boundary resistance and got rejected. Bulls were unable to break above the short-term resistance and provide the base for a move higher. Resistance remains key at $1,260 and as long as price is below this level, I expect Ethereum to continue lower to new lows. Breaking above this level would be a bullish signal and could push price towards $1,700. Downside targets are placed below $880. The RSI has not provided a bullish divergence yet, so we expect new lower lows to be seen.
Read more: https://www.instaforex.eu/forex_analysis/282495
