Ethereum continues to trade inside the bullish channel it is in, since the end of September. The last four days price is mostly moving sideways. This has brought price right at the edge and lower boundary of the channel. Price is right above support area and traders need to be cautious.
Ethereum has support at $4,540. Failure to stay above this level will open the way for a pull back towards $4,000. Trend remains bullish as long as price continues making higher highs and higher lows. However traders need to be ready for a pull back, as such a move is justified after such a run. If support is held, price could start next leg higher towards $4,950-$5,000.
The material has been provided by InstaForex Company - www.instaforex.com