Ethereum Short tf (4hr) analysis

Etherium made a high of $1417.96 on January 13 2018 and hit a lot of $565.53 on Feb 6, 2018. Price action for Etherium can be described as operating in a bear channel for now. The main trend line (over price highs) is drawn with its parallel used to connect price lows to form the channel.

Price action currently is close to a resistance area for the channel. The key areas to watch are Support 1 and Support 2 as drawn on the chart.

The range for Support 1 is: $903.11 and $871
Range for Support 2: $787.17 and $753.28

If support 2 is overcome, then it is possible for bears to drive prices down to as far as the bottom of the channel which is ~ at $387.

The alternate scenario would involve the bulls breaking the bear channel . If this is the case, then price of Etherium could reach as far as $1721. This target is calculated by taking a vertical measurement of the width of the channel and projecting it from the break out point above the bear channel
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