Manoj B Rawal
Independent Analyst
- ETH breaks out on the short term chart.
- Would still remain an underperformer.
Ethereum, the second largest cryptocurrency by market capitalisation, has broken out of a parallel channel on the short term chart and may rally some from the current levels, but it would still remain an underperformer on the medium to long term charts compared to other major cryptos that have rallied smartly even as Ethereum struggled to stand on its feet.
ETH/USD is down about half a percent at $415.876 and trading in about 1 percent range for the day. The parallel channel breakout is visible on the 120-minute charts and this breakout would be confirmed once the second largest crypto is able to cross beyond $425-$435 range, which is a resistance zone and would be tough for now.
A failure to cross that zone could also result in the failed breakout, which would mean getting trapped in the channel again. Support is placed at exactly where the price is, $415 that is, high chances of this support breaking.
ETH/USD 120-minute chart:
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