🔥 Ethereum Macro Bullish Channel Holding – For Now
Ethereum / TetherUS BINANCE:ETHUSDT
Over the course of a year, ETH has been trading inside a huge bullish channel . On several occasions, this channel has functioned as a strong support and resistance are.
It appears that the lower bound of the channel is holding. Assuming that we have bottomed in the long-term, there’s a decent probability that ETH will go up, targeting the top of the channel.
However, there’s still a lot of downside pressure in the market due to war and inflation uncertainty. The bears want to push the price below te channel. In that case, I’m looking at the blue support lines for a potential target.
Happy trading!
