ETH still in a descending channel
ETH/USD COINBASE:ETHUSD
Even though market was able to bounce and some coins like Luna made spectacular gains, ETH has not been able to breakout of its descending channel . There is clear rejection at the channel’s resistance and the volume profile’s POC.
$2500 is current support and break of that support will send price to the volume gap at around $1900.
Currently price is below the 4H 200ema which makes it technically bearish and to flip bullish it has to break over multiple resistances including POC. RSI is in a descending cone which makes it bearish unless it can breakout now.
