- ETH/USD stuck in a channel that won’t be easy on bulls.
- Medium term charts point to some gains and then battle.
Second largest cryptocurrency by market capitalisation, Ethereum, has a tough time to regain its lost glory as the price of this crypto has been stuck in a lower high, lower low downward sloping trendline channel that won’t be a lose nut for bulls to crack.
ETH/USD is down half a percent at $575.608, near the low point of the day, which is at $573.83. On the 240-minute chart, ETH is shackled in a downward sloping trenline channel and now faces resistance above round-figure mark of $600.
Daily chart’s 50 percnet fibonacci retracement of recent rise from April lows, also co-incides with $620 mark where the bulls will have to try as hard as they can to come out of the trendline channel of 240-minute chart.
ETH/USD 240-minute chart:
ETH/USD daily chart
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