ETHUSD break from ascending channel, next move?
ETHUSD broke out form ascending channel and its now moving down to support zone – blue line marked. It’s still nicely above 200MA, while RSI and MACD indicates further decline. It’s not a direction change yet and could be a false breakout and reversal back up from here. I'm waiting for next daily candle and I am caution on any major correction down from here. Market is under pressure today, but we saw many times how quickly things turn around on crypto.
Observe the movement on support zone around $620 level, there are two possible scenarios. Going lower to $400 area or remaining in uptrend which would take Ethereum back to $1000.
Observe the movement on support zone around $620 level, there are two possible scenarios. Going lower to $400 area or remaining in uptrend which would take Ethereum back to $1000.
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