- ETH trapped in a channel in short term.
- Long term has cracks visible.
Ethereum, the second largest cryptocurrency by market capitalisation, has nothing going right for it, at least not from the technical chart patterns point of view, as the price seems to have got itself trapped in the immediate term even as the long term shows enough signs of cracks.
ETH/USD is trading more than one percent up on day at $205.68, within 3 percent range of the day. On the 360-minute chart of the crypto, it is stuck in a lower high, lower low downward sloping channel which would continue to put pressue on the prices in the near term.
This is happening at a time when the price of ETH is sitting just at the upper end of the descending trendline on the daily chart, a reversal from where could lead prices correcting as much as 40 percent from current prices, as pointed by this author earlier. (Read earlier article here)
ETH/USD 360-minute chart:
ETH/USD daily chart: