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Ethereum: Downside aplenty

Stuck in a downward sloping lower high, lower low channel.
Short term, resistance glares to show southward journey.

Manoj B Rawal Independent Analyst

Ethereum, the ambitious third largest cryptocurrency by market capitalisation, is stuck in a downward sloping lower high, lower low parallel channel on the long term chart, while on the short term it faces stiff resistance just around current price - recipe for immediate downside in the coin.

ETH/USD is down about two cents of a percent at $106.94 and trading in less than 2 percent range for the day. On the daily chart, the crypto is stuck in a parallel channel sloping downard while on the 180-minute chart, it is just under the descending trendline resistance.

Combined together, these patterns indicate that the coin is ripe to head lower and two digit marks will be a reality again soon. In fact, last year lows of sub 90 would be at risk of breaching.

ETH/USD daily chart:

ETH/USD 180-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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