In the wakes of the recent bearish sell of that hit the cryptocurrency market a few hours ago, we have seen plenty of currencies (Including Bitcoin 0.62% ), form this parallel channel . You can expect the price to fluctuate between this formation until it gets to the resistance or support lines on the graph. In my view, we may see a short-term dip back to the support line where we will see consolidation before another movement upward, from here you can expect the resistance to break which is very bullish for the Ethereum -1.39% price. The market needs time to recover, so you can still expect slight drops as we try and make our way back up.聽
Link to analysisAs always trade the lines accordingly. 聽
