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.

Manoj B Rawal Independent Analyst

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.

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