Cryptocurrency Ethereum has been moving sideways for the last few days. Trend according to the Ichimoku cloud indicator remains bearish. Price is below the Kumo (cloud) while price may have formed a bearish flag formation.
Resistance is at 472$ while support is at 440$ by the upward sloping red channel. Bulls need to continue making higher highs and higher lows and eventually a break above the cloud resistance at 512-560$. As long as price is below the cloud, bears will be under control of the trend. Short-term resistance at 470-480$ if broken could give Ethereum a push higher towards 510$ which is the first important resistance level.
The material has been provided by InstaForex Company - www.instaforex.com