Slow and steady upward movement

  • ETH is stuck in an upward sloping channel.
  • Has room on the upside, 20 pct more to go.

Ethereum, the second largest cryptocurrency by market capitalisation is blissfully stuck in an upward sloping parallel channel that would help it move up slowly and gradually without facing much of a wrath of the bears.

ETH/USD is up four cents of a percent on day at $168.24 and in about five percent range so far. On the 480-minute chart of the second largest coin, it is visibly and happily stuck in an upward sloping parallel channel which seems to be pointing towards a minimum of 20 percent upside for now.

On the daily chart it has a good support at $157 and $145 which are its 50 days and 200 days SMAs respectively. While that helps, major long term support is placed at $134 in the form of an ascending trendline.

ETH/USD 480-minute chart:

ETH/USD daily chart:

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