Ethereum "Descending Channel" Analysis
The above chart of Ethereum (ETH) laid out a descending channel pattern. Descending channel also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is the characteristic of a bearish market.
Currently, Ethereum (ETH) is in the range of $1577. If the pattern continues, the price of ETH might reach the resistance levels of $2025.54. If the trend reverses, then the price of ETH may fall to $1082.38.
The above chart of Ethereum (ETH) laid out a descending channel pattern. Descending channel also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is the characteristic of a bearish market.
Currently, Ethereum (ETH) is in the range of $1577. If the pattern continues, the price of ETH might reach the resistance levels of $2025.54. If the trend reverses, then the price of ETH may fall to $1082.38.
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