Ethereum returns to the upward channel after a false breakout in the downward direction. ETH has strong support at $3k.
Currently, ETH is hovering above $3,100 with more than 6% gains over the last 24 hours. If flagship currency remains stable, then we can see a bull run in the prices. Let’s see what technical analysis has to offer about the next move of the second largest currency.
Ethereum returns to bullish Channel:
4H charts clearly depict that Ethereum returns to the upward channel. Price continues to hold the lower boundary of the ascending channel, pushing up the descending trend line. The price is above a large liquidity level and the 100MA is still above the 200MA on the 4H Timeframe. I expect fixing above the lower boundary of the channel, and after reaching the resistance level.
After the price of ethereum fell below the $ 2,900 level yesterday, it consolidated very quickly and returned above $ 3,000 with a bullish impulse. This morning, ETH formed a new high this week at 3090 dollars, then we see consolidation in the range of 3040-3080 dollars. We can say that the price has stabilized above the moving average.