Ethereum - ETH USD - Descending Channel
Accidentally posted a private idea several days ago. This follows on from that -
Ethereum broke out of an ascending channel it had been in since late September after forming a head and shoulders pattern and a break of the neckline.
It is now in a narrow descending channel with a potential downside of around $250 levels. If it breaks up, out of the channel I would expect the neckline of the H&S to act as resistance.
I will be refraining from entering an ETH trade at this stage until the market settles down around this first BTC fork at least.
Ethereum broke out of an ascending channel it had been in since late September after forming a head and shoulders pattern and a break of the neckline.
It is now in a narrow descending channel with a potential downside of around $250 levels. If it breaks up, out of the channel I would expect the neckline of the H&S to act as resistance.
I will be refraining from entering an ETH trade at this stage until the market settles down around this first BTC fork at least.
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