Analysis Cryptos Support & Resistance

Ethereum exits the trading range.

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Red lines- medium-term bearish channel

Blue lines- Fibonacci retracements

Green lines- trading range

Ethereum is trading around $1,523. Yesterday price broke out of the trading range it was in since September. This break out is a positive sign for the near term. There is upside potential towards $1,630 at least. If Ethereum price manages to break above the red bearish channel, then we should expect to see the 61.8% Fibonacci retracement around $2,500. Bulls do not want to see price get rejected at the upper channel boundary resistance. Key support remains at $1,200. Bulls need to start building a new sequence of higher highs and higher lows.

The material has been provided by InstaForex Company – www.instaforex.com


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