February 5, 2023

Forecast for Ethereum: intra-channel trading

Forecast for Ethereum: intra-channel trading

Over the past day, the Ethereum cryptocurrency (ETH) has lost 1.48%. At the time of writing, the coin is trading at the level of $ 147.46. If buyers manage to raise the price above the support level of $ 147.84, this could lead to an increase to $ 152. In case of breakdown of the lower bounds - ETH will fall to $ 136.

Key points

  • Ethereum Consolidates Below Support Level $ 147.84
  • The next level of support is located at $ 147.37.
  • ETH is trading in a large triangle.
  • If the price breaks the upper part of the triangle, this will be a signal to open long positions.

    Forecast for Ethereum: intra-channel trading

  • On December 8, the Ethereum network was activatedhard fork Istanbul. The update was implemented with the aim of reducing the cost of gas (commission), improving the scalability of solutions based on zero-disclosure evidence, increasing protection against DoS attacks and ensuring compatibility with the privacy-oriented Zcash coin.

    As you can see, this event did not affectprice of ETH. The coin is still trading in the lower zone below the EMA. In fact, the price has largely returned to the same level at which it started at the beginning of the year, and fell almost 60% from the peak of this year, registered at $ 363.

    Decline in Ethereum affected by depreciationBitcoin As you know, these two cryptocurrencies are closely correlated with each other. Now the price has local support, and the next step can be both a breakdown of the upper boundaries and a rollback from the support level. At this stage, it is important to monitor trading within the channel $ 144.84 - $ 152.38. A breakdown of its boundaries will indicate further price movement.