ETH/USD technical analysis: Will Ethereum break its descending channel?
|Last Tuesday, November 27, the price of Ethereum was $110.79 at its open. During the week, the price has decreased to the prior dip levels at $104.73, which was the years low.
From there on, the ETH/USD pair came up to $127.81 at FXOpen making a higher high compared to the previous one at $120.7. The price broke out from the downtrend resistance line with a strong momentum, which may indicate the start of the potential uptrend since the move was clearly impulsive.
However, when the price pulled back and created a lower high it failed to exceed the previous one and make a lower high at $121.24. It became clear soon that the price of Ethereum isn’t going up further. The altcoin dropped quickly and created a lower low compared to the previous one that was higher than the low at $104.73.
We have four interaction points now with the descending channel. The sellers are currently in control and if they continue pushing the price down we are likely going to see a breakout from the descending channel.
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