Ethereum bounce off the 350
Ethereum is bouncing off the 300-350 support zone for the upside reversal continuation. A medium-term uptrend channel with well-defined breakout levels has been formed and the instrument is bouncing off it. This bounce could lead to a test of the 500 upside channel resistance. A break and a follow-through below 250 are required for the upside extension invalidation.
On a daily chart, we can see that the instrument is in the consolidation for the upside extension, and a break above 380 is required. Look for the buy trade entries with the stop loss below 320 upon a break above 380. Our trading system is indicating a potential of 200 points of profit. The buy trade entries invalidation to come only on a clear daily close below300 and would trigger stops and a reversal from a buy trade entry to sell.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
