Ethereum price analysis: Needs momentum to cross parallel trendline channel

ETH getting itself stuck in a parallel trendline channel.
Needs momentum to cross beyond for further rallies.

Manoj B Rawal Independent Analyst

Ethereum price seems to have got itself stuck in a range of a hoizontal parallel trendline channel that has been acting as a resistance and support quite frequently in the past and for bulls to get fresh leg up, it needs to cross past this channel.

ETH/USD is up more than 4 percent on Saturday at $670, much below round figure $700 mark and the upper end of the channel $737. Until it crosses past this, it would be difficult for the bulls to get a further leg up in a rally that started few weeks ago.

ETH has immediate resistance around $672 and $702, while supports are at $656 an $627.

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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