* We always provide both the bullish and bearish scenarios because the traders should be aware of what to expect in both cases.
Ethereum broke down the 20-day EMA, which is negative. Also, it is now trading inside a downtrend channel which behaved as a strong resistance many times in the past.
To see a recovery in Ethereum, we need first to clear the 20-day EMA and then break out the downtrend channel. If this happens, we expect Ethereum to rally to $1000 level. Hence, you can open long on a break out of the channel and then book profits on 50% positions at $1000. Since this level will face a stiff resistance.
On the downside, $770 will provide support for any dips. However, if this level broken Ethereum may fall to $610.
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns. It's my own analysis. You should conduct your own research when making a decision.
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