Ethereum: Slow rise, slow falls within the channel

Ethereum, second largest crypcurrency by market capitalisation, is consolidating in a rising parallel channel and is now heading lower towards lower end of the channel after hitting upper end of the channel twice this week.

ETH/USD is down six cents of a percent on day at $163.516 and in just about 2 percent range for the day. On the 480-minute chart of this ambitious coin, it is consolidating in a higher high, higher low, rising parallel channel. Which is a good sign after rising too fast in quick time and some consolidation is healthy for further upmoves.

Lower end of this channel is currently placed around $140, about 15 percent lower from current prices, but before that there is enough support in the form of various moving averages, biggest one being 200 DMA at $150.

Reference: https://www.fxstreet.com/cryptocurrencies/news/ethereum-slow-rise-slow-falls-within-the-channel-201904140747

Share this:

Leave a Reply

Your email address will not be published. Required fields are marked *