Manoj B Rawal
Independent Analyst
- ETH climbs up in a rising parallel channel.
- Retracing for now from upper end, 15 pct downtick expected.
Ethereum, second largest crypcurrency by market capitalisation, is consolidating in a rising parallel channel and is now heading lower towards lower end of the channel after hitting upper end of the channel twice this week.
ETH/USD is down six cents of a percent on day at $163.516 and in just about 2 percent range for the day. On the 480-minute chart of this ambitious coin, it is consolidating in a higher high, higher low, rising parallel channel. Which is a good sign after rising too fast in quick time and some consolidation is healthy for further upmoves.
Lower end of this channel is currently placed around $140, about 15 percent lower from current prices, but before that there is enough support in the form of various moving averages, biggest one being 200 DMA at $150.
ETH/USD 480-minute chart:
ETH/USD daily chart:
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