- ETH stuck in an upward sloping contracting channel.
- Chances of a bearish rising wedge formation not ruled out.
Ethereum, the second largest cryptocurrency by market capitalisation, has found itself stuck in an upward sloping contracting channel which may even take a shape of a rising wedge over a period of time, that would be bearish for the prices.
ETH/USD is down 0.85 percent at $143.04 and trading in a 4 percent range for the day, in a lower volume and still better volatiility weekend trading. On the daily chart, this ambitious second largest coin has found itself stuck in an upward sloping contracting channel that may take a shape of rising wedge too.
For now, the price is stuck exactly at the middle point of the channel where upside is capped at $171 and downside capped at $120.
ETH/USD daily chart:
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