Source: Tradingview

Ethereum falls again to a bearish channel trap

What's in this article

Ethereum has been making lower lows since its all-time however it updated the local high on Feb 10 by stretching the price up to $3270.

 Ethereum price today is $2,951.73 USD with a 24-hour trading volume of $11,784,719,857 USD. Ethereum is up 0.30% in the last 24 hours with a market cap of $352,960,943,538 USD. It has a circulating supply of 119,577,796 ETH coins. 

Source: Tradingview

Ethereum: Analysis

Unfortunately, the uptrend could not continue and Ethereum falls again to the bearish parallel channel. This could be, however, a price pullback and Ethereum might continue surging to a $3,600 resistance level. Ethereum has local support at $2,600 and then at $2,100. Bitcoin’s downwards movement is hurting all altcoins and it will take time to lower the negative volatility.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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