ETH/USD surges in channels

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


By examining the ETH/USD pair's 4-hour chart it can be spotted that the pair is surging in ascending channel patterns. Namely, since late September, the rate has been surging in a dominant channel up pattern. Meanwhile, most recently, since October 27, the pair has been surging in a smaller channel up.

Meanwhile, it can be spotted that the rate uses new all-time-high levels as support. After the rate booking a new all-time-high the ETH/USD retraces down to the previous high level before continuing to surge.

In regards to the future, the pair is expected to trade sideways between the support of the 4,420.00/4,460.00 zone and the resistance of the high levels at 4,632.00/4,666.00.

A passing of the resistance zone could find resistance in round price levels. For example, the 5,000.00 mark could be reached by gradually surging in the borders of the channel up pattern.

On the other hand, a decline of the rate would face the support of the 4,420.00/4,460.00 zone, which is strengthened by the lower trend line of the junior channel up pattern and the 50-4-hour period simple moving average.
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