Black lines- bullish short-term channel
In our analysis on Ethereum yesterday we noted that price was pulling back but remained inside the short-term bullish channel. Price respected the lower channel boundary and is bouncing higher. Price formed a higher low at $1,559. This is now important short-term support. Bulls do not want to see price break below this level. This would be a bearish sign. As long as price respects the channel boundaries, Ethereum could produce a new higher high towards $1,850-$1,900.