Red lines- bearish channel
Blue line- neckline resistance
Green lines- trading range
What a volatile day for Ethereum that it was yesterday. Initially price broke below the trading range it was in but by the end of day price well back inside it. Price action fooled many traders yesterday with its fake break down. Price fell as low as $1,191 only to close the day at $1,293. Ethereum today is moving higher towards $1,330. On a daily closing basis we did not get that bearish signal as price closed inside the trading range once again. Price remains inside the bearish channel. A move towards the upper trading range boundary is justified after yesterday's price behavior. We still consider $1,265 as a key horizontal support level and a daily close below this level would produce a bearish signal.
