Blue line- neckline support broken
Red lines- bearish channel
Green lines- trading range
Ethereum continues to trade sideways inside a tight trading range and inside a downward sloping channel. The sideways range has been formed the last four weeks while the downward sloping channel was formed back in August. Price has not made any progress the last few weeks. Support by the trading range is found at $1,265, A daily close below this range will be a new bearish signal. Resistance by the trading range is at $1,400 and by the channel at $1,510. As long as price is inside the channel we remain bearish Ethereum. Downside target is at $1,030-$900.
