The $ETH 1h chart shows Ethereum trading within an ascending parallel channel, maintaining a bullish structure despite a recent sharp rejection from the upper boundary.
Market Analysis
The price recently touched the top of the channel near $2,380 before pulling back sharply. It is currently finding support at the channel's mid-line (median) around $2,336.
- Bullish Case: If the price holds this mid-level or the bottom trendline, we could see another push to test the channel's resistance.
- Bearish Case: A break below the lower trendline ($2,320 region) would invalidate the ascending structure and likely lead to a retest of the $2,280 support floor.
Trade Setup
- Entry: Long positions can be considered on a successful bounce from the current level ($2,336) or a deeper touch of the lower support line at $2,325.
- Take Profit (TP 1): $2,380 (Recent swing high / Upper channel resistance).
- Take Profit (TP 2): $2,420 (Major horizontal resistance visible from early May).
- Stop Loss (SL): $2,310. This is placed safely below the channel support and the previous minor swing low to account for market volatility.
Market Analysis
The price recently touched the top of the channel near $2,380 before pulling back sharply. It is currently finding support at the channel's mid-line (median) around $2,336.
- Bullish Case: If the price holds this mid-level or the bottom trendline, we could see another push to test the channel's resistance.
- Bearish Case: A break below the lower trendline ($2,320 region) would invalidate the ascending structure and likely lead to a retest of the $2,280 support floor.
Trade Setup
- Entry: Long positions can be considered on a successful bounce from the current level ($2,336) or a deeper touch of the lower support line at $2,325.
- Take Profit (TP 1): $2,380 (Recent swing high / Upper channel resistance).
- Take Profit (TP 2): $2,420 (Major horizontal resistance visible from early May).
- Stop Loss (SL): $2,310. This is placed safely below the channel support and the previous minor swing low to account for market volatility.
