Ethereum: Under Pressure

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At Support of Mid-Term Channel

Ethereum’s ETHUSD is trying to bounce off of the bottom of a large channel after many failed attempts to break $254. Bulls need to show volume when pushing through $234-240 to keep accumulation alive or else volume will tilt towards distribution at the current levels.

A breakdown leads price towards the raid zone near $204, outlined by the pink box, is the channel breakdown target. The box is also converged with the moving average which is a confirming indicator of the first major support.

Disclosure. The author owns a small bag of ETH.

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