Ethereum approaches trend line

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since June, the price for Ethereum has been surging in a wide channel up pattern. The chart pattern can be drawn by connecting the September 2 and November 10 high levels and setting a parallel line at the July 20 low level. Most recently, the price of the cryptocurrency declined. On December 14, the ETH/USD pair appeared to be set to reach the lower trend line of the channel pattern.

If the price recovers from the support line, the rate might find resistance in the 50-day simple moving average at 4,332.70. However, note that the 50-day SMA, has been ignored since the middle of November. Meanwhile, note that the 4,500.00 mark has been acting as resistance. Above the 4,500.00 level, the all-time-high level zone at 4,780.00/4,868.70.

In the meantime, a move below the trend line is highly likely set to find support in the 3,500.00 mark and the previous low level zone at 3,376.00/3,500.00
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