EthereumUpdated Ethereum move into resistance, 3181-3584
Ethereum has moved back to the top of an ascending channel I've drawn out from last summer move. This is a very strong upward channel that has indicated both resistance and support previously. This upward trendline is converging with an area from 3181-3584 has posed as both resistance and support previously.
IMHO we need to revisit some lower levels to confirm as support, but it is also quite likely that we skip that step and confirm here between 3000-3300. It seems that Ethereum tends to 'step up and step down' whereas Bitcoin has no problem confirming resistance and support.
IMHO we need to revisit some lower levels to confirm as support, but it is also quite likely that we skip that step and confirm here between 3000-3300. It seems that Ethereum tends to 'step up and step down' whereas Bitcoin has no problem confirming resistance and support.
Note
Coming off the local high down to a trendline we have touched previously. This should indicate whether we are going to head higher from here or down towards the lower area of the upward channel in the 2500 range.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.