Ethereum price analysis: Falling into the trendline channel trap?
- ETH/USD trades mildly in the green.
- Sitting right at the top of falling trendline channel resistance.
Ethereum price trading in the green but has been lacking momentum lately, consolidating between the falling trendline channel which is yet to form fully. If confirmed, ETH/USD price could consolidate further within this channel and keep falling lower, before it gains any momentum to break out of this trap.
ETH/USD trading up 0.77% at $861.27 on Saturday trading, after falling nearly 2% on Friday.
On the daily chart the price of ETH now has support around $800 mark - its100 day Exponential Moving Average while resistance around $875 mark - 21days EMA.
Among the news that is worth looking at, Reuters reported on Friday, that 16 Japanese cryptocurrency exchanges to set up self-regulatory body to regain trust in an industry rocked by a $530 million digital money heist in January.
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.
