FX.co ★ Ethereum can continue bounce towards $1,700 if $1,300 is broken.

Red lines -Bearish channel

Ethereum price remains trapped inside a downward sloping channel since the beginning of April. Price continues making lower lows and lower highs. The RSI has not provided us with any bullish divergence, however price has reached oversold levels and is turning upwards. Price is challenging the upper channel boundary. If bulls manage to break above it, we should expect Ethereum price to continue its rise towards the $1,700 area where we find the previous consolidation range and last bearish signal. So previous support becomes current resistance.