Ethereum: Entrenched downtrend?

ETH stuck in a long term parallel channel.
Double digits coming soon, may last for longer.

Manoj B Rawal Independent Analyst

Ethereum, the third largest cryptocurrency by market cap, which was second not so long ago and not for a long time as it lost to XRP again, may not be able to regain the coveted tag soon enough, as visible on the long term chart of this ambitious crypto.

ETH/USD is down just under 0.2 percent at $114.76 and trading in less than 2 percent range for the day. On the daily chart of this crypto, it has found itself stuck in a downard sloping parallel channel and the lower end for now is around $40, way too lower than the current market price.

For ETH bulls to disregard this downtrend they willl need a lot of momentum and positive news flows favouring overall crypto world, or else this would be a long lasting southward trend for ETH where it may spend weeks and months together in double digits.

ETH/USD daily 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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