Make or break for the bulls

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  • ETH reaches critical point in its bounce to survive.
  • A must cross barrier or U-turn to the pits.

Ethereum, the third largest cryptocurrency by market capitalisation which is playing cat and mouse game with XRP for the second largest crypto tag, has reached a critical point in this bounce where, a 5-10 percent more rally and sustainance would be enough for it to try and aim higher up and regain the tag of second largest crypto.

ETH/USD is down about eight cents of a percent at $118.56 and just like BTC, its trading in a very narrow range of just about 1 percent. At this juncture where it needs to breakout from a descending parallel channel on the daily chart, bulls need momentum and volume to drive it past the upper end of the channel.

Failure to cross past the upper end, which is placed at $123.25, ETH is destined to fail and go well down to the pits and all the way into the deep double digits.

ETH/USD daily chart:

 


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