"Jack's Trading Classroom: ETHUSD Ethereum Trend Brief"

Original trading classroom by Jack, "ETHUSD Ethereum Trend Analysis"

Currently, we are looking at the four-hour chart of ETHUSD. Friends who have been following our live channel should be familiar with this upward trend. The upward channel was confirmed when ETHUSD was around 150, and it is still continuing in an upward trend with the trend structure remaining intact.

Therefore, we should continue to view it from a bullish perspective. Yesterday, when ETHUSD was still above the 176.30 resistance level, we mentioned in the live broadcast and pointed out a small double-top pattern forming in the one-hour chart. If the neckline range is broken, there is a high probability of a downward trend.

In the future, we will continue to look at the four-hour chart. ETHUSD has topped twice at the upper resistance trend line. For the bottom, we can consider 148.15 as the neckline support structure. If it breaks below, we can assess it as a double-top reversal pattern. If it fails to break the neckline range for the third time and forms a top shoulder pattern, there is a chance of a large cycle reversal.

If the double-top pattern is established, the lower support trend line must have been broken. If broken, we can determine that the trend has turned bearish.

Upper resistance levels
R1 176.30
R2 182.15

Lower support levels
S1 164.30
S2 157.05
S2 131.90

In recent days, the cryptocurrency market has seen larger fluctuations. It is recommended that operators strictly implement risk control and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is a personal opinion, please read it carefully, and cryptocurrency trading may involve risks to your capital.

WeChat Official Account: Jack's Trading Room
Personal Website: jackbtc.io

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