Ethereum has nothing going right for the bulls

Ethereum stuck in a downward sloping parallel channel.
Bounces are shortlived while bears attack $100 mark.

Manoj B Rawal Independent Analyst

Ethereum, the third largest cryptocurrency by market capitalisation, has been struggling to revive its lost fortune as the bears attack every bounce in the price to take it below $100 into double digit mark.

ETH/USD is down half a percent on day at $112.27 and trading in less than 2 percent for the day. On the 240-minute chart of the crypto, ever since mid-November sell-off, ETH has found itself stuck in a lower high, lower low, downward sloping parallel channel that has resulted in bulls' inability to cross past the upper end of the channel while bears are attacking every bounce, making it difficult for the bulls to sustain psychologically important triple digit mark.

Once broken and sustained, next level on the downside is towards $65-70. (Read earlier article here)

ETH/USD 240-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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