April 25, 2024

Forecast for Ethereum: intra-channel trading

Forecast for Ethereum: intra-channel trading

Over the past 24 hours, the Ethereum (ETH) cryptocurrency has fallen in price by 1.48%. At the time of writing the analysis, the coin is trading atlevel of $147.46. If buyers manage to push the price above the $147.84 support level, this could lead to a rise to $152. In the event of a breakdown of the lower boundaries – ETH will fall to $136.

Key points

  • The Ethereum rate is consolidating below the support level of $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 activatedIstanbul hard fork. The update was implemented to reduce the cost of gas (fees), improve the scalability of zero-knowledge proof solutions, improve protection against DoS attacks, and ensure compatibility with the privacy-focused coin Zcash.

    As we can see, this event had no impact onETH price. The coin is still trading in the lower zone below the EMA. In fact, the price is largely back to where it started at the start of the year and has fallen nearly 60% from this year's peak of $363.

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