Relevance up to 16:00 2022-08-17 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- bullish channel
Ethereum is trading around $1,870. Short-term trend remains bullish as price has created an upward sloping channel and continues trading inside it. Ethereum is now challenging the lower channel support. It is important for bulls to manage and hold inside the channel. Next support level is at $1,656 and a break below it will confirm a trend change. The RSI is scratching the overbought boundary for some time now. A reversal to the downside is very likely that is why bulls need to be very cautious. A pull back is justified at current levels.
Read more: https://www.instaforex.eu/forex_analysis/288716
