Ethereum declines in channel pattern

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Source: Dukascopy Bank SA


The price for Ethereum booked a high level at 4,094.45 in early March. Afterwards, a decline occurred down to the 50-day simple moving average. It was speculated that the price could soon recover. However, it can be observed that the cryptocurrency has established a channel down pattern.

A decline of the price in the pattern could result in the ETH/USD looking for support in the 2024 January high level at 2,720.35 and the ascending 200-day simple moving average. Further below, take into account the late 2023 and early 2024 low levels at 2,190.00.

In the meantime, a potential recovery of the crypto would face resistance in the 3,210.00 level and the combination of the 50-day simple moving average and the 3,400.00 mark. Above these levels, the upper trend line of the channel pattern is expected to keep the pair down.
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