ETHEREUM Sideways Channel Trading Resumes

Today is another day where we are seeing sideways trading inside the channel from $595 to $610. We've seen bears come in twice on heavy volume and attempt to break this level, even coming in out in larger numbers on the second try. Bulls rejected any prices below the $595 level, so we can see this be extremely supportive even after continuous tests on the 1-hr and longer charts.

On the top side, bears seem to be putting up huge defenses at $610 and are not wanting to let prices rally above this level. For now, we will likely see a bit more sideways trading until one side gives out. It's a heated battle but should be exciting to watch play out. If we see a close below $595 on the hourly, I would likely interpret this is as a signal the bulls are retreating and the bears have control. If this channel floor does give out, I'll be looking at the $580 support as being the extreme level that HAS to hold. This is a huge level that would also maintain a higher low pattern. If this breaks and we see closes below $580, look out below.

Indicators are still pretty neutral, but overall I'd say they are leaning toward supporting the bulls. Let's hope for some good news and bullish movement as we move into the weekend!

Hope everyone has a great Friday!