On the 4-hour chart, we can see the price of Ethereum (ETH) has been moving within a sideways price channel (green rectangle) since the end of last April.
Additionally, there is a slightly upward channel (yellow color) formed within the larger channel.
First and foremost, it is crucial to mention that the price of Ethereum (ETH) during the specified timeframe often respects key technical levels of support and resistance, even in the face of a downtrend caused by the initial shock of the lawsuit.
The price of Ethereum found support at the lower boundary of the upward price channel.
At the time of writing this analysis, ETH is trading around $1842.
I believe the optimal buying levels are near the lower boundary of the ascending price channel. However, before that, there is also a support level at $1833, followed by $1760. Caution is advised if the price falls below this level.
Furthermore, it is worth noting the small blue trend line that the price of ETH has bounced off of on four occasions
Additionally, there is a slightly upward channel (yellow color) formed within the larger channel.
First and foremost, it is crucial to mention that the price of Ethereum (ETH) during the specified timeframe often respects key technical levels of support and resistance, even in the face of a downtrend caused by the initial shock of the lawsuit.
The price of Ethereum found support at the lower boundary of the upward price channel.
At the time of writing this analysis, ETH is trading around $1842.
I believe the optimal buying levels are near the lower boundary of the ascending price channel. However, before that, there is also a support level at $1833, followed by $1760. Caution is advised if the price falls below this level.
Furthermore, it is worth noting the small blue trend line that the price of ETH has bounced off of on four occasions