Ethereum: Uptrend Line Is Broken! What's Next?

Let's look at a possible market movement based on a breakout below the local uptrend line. It gives us a bearish signal. If we talk about the main downtrend in the borders of the descending price channel, the breakout below the uptrend line is the continuation of the main downtrend. For this, the price will have to move below 215USD and form a new swing high lower than the previous one.

At the same time, the market has a chance to continue the daily uptrend. For this, the price has to break the main downtrend line and get out of the price channel. It will give a good bullish signal not only in the daily chart but also in the weekly timeframe.

I don't see any trade opportunities right now in the daily chart. Probably, if the price bounces from 215USD, it will be good to open long positions using the hourly charts and reversal signals from them. Also, we don't know how Ethereum 2.0 will change supply and demand. Will this fundamental factor support buyers? Maybe it will give no effect, and we will see a downside movement to 190USD and below it.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.