ETHUSD, D1 - still within an upward channel

ETHUSD still remains within the main upward channel, which has been created on the chart since mid-March. Its lower limit has stopped the last correction in ETH and currently, we may be observing an increase towards the last high.

If the level of USD 176 is broken, then the way to the upper limit in the trend channel could be opened. Another potential resistance may be located at USD 214.

It would only be possible to change the balance of power in this market and lead to a possible major correction if the line through the bottoms was broken.


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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

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