FX.co ★ Technical analysis on Ethereum for August 16th, 2022.

Red lines- bullish channel

Ethereum is trading around $1,870. Short-term trend remains bullish as price has created an upward sloping channel and continues trading inside it. Ethereum is now challenging the lower channel support. It is important for bulls to manage and hold inside the channel. Next support level is at $1,656 and a break below it will confirm a trend change. The RSI is scratching the overbought boundary for some time now. A reversal to the downside is very likely that is why bulls need to be very cautious. A pull back is justified at current levels.