Looking at ETHUSD (Ethereum vs USD) chart, we see the development of a global trend that moves within the large green channel. By the end of June, the market fell to the lower green line, then the bears tried to hold their positions for a long time, but after the last attempt to break through the support line of the green channel, the bears finally gave up, and bulls entered the market.
The last ascending section of the chart describes a smaller yellow channel. Not so long ago, the bulls tried to break through the yellow resistance line, but they did not have enough strength.
Perhaps, after the last rebound from the yellow wall, the bulls will make a second attempt to bring the market to higher levels. In case of a breakdown of the resistance level 1957.83, a path will open for them to the upper green line and the resistance level 2203.27.
In the second scenario, market participants may expect a breakdown of the lower yellow line near the support level 1462.93. In this case, the pair will begin to depreciate. The next important support level of 1116.90, where the market may fall, is on the lower line of the green channel.
With the upward movement of the cryptocurrency, we can consider opening deals for purchases. When confirming a downward trend, it is recommended to consider opening sales deals.
