Ethereum is in an access channel


The price of Ethereum was $ 96.65 on Monday. During the week, the price decreased and was reduced to around $ 88.

After the fall, the ETH / USD rose again, but at the moment it was stopped at the lowest resistance level. The cryptocurrency pair currently trades at $ 92.74 on FXOpen, with an overall decrease of 4.21%.

ETH / USD chart - Dec 13 - FXOpen

On the hourly chart, the price action has formed an ascending channel. Then a break occurred on the negative side and another ascending structure appeared. All these rebounds are the part of a symmetrical triangle.

As the price altino is approaching its summit, we will soon see a breakout and since this is a symmetrical triangle, a breakout on both sides is equally likely.

The breakout from the upside is expected, as most likely this triangle is an upward correction after a downward move, which will continue later.

If the Ethereum drops, a test of the previous low level at $ 82 would be a very likely scenario.

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