Ethereum perpetual futures continue to develop in a bullish channel since December 23, 2020.
4H Chart
This channel has developed since the breakout of the $ 654.5 level (red)
4H Chart
ETH price is currently trying to consolidate above the $ 1358.9 level (blue)
If we zoom in on current events in ETH futures. We observe that the price tries to get closer to the reference prices of the midline of the channel.
4H Chart
Finally, it is observed how the price has broken the decreasing structure that had formed the offer since January 25 of this year.
4H Chart
Today Friday we are on the last day of the week. So tomorrow there is not as much liquidity as that observed on weekdays.
However, we can see that the offer has been withdrawn from the game and that the demand has the intention of raising the price back to the area of $ 1500
However, we are facing a second market cycle that is ending and the price will begin to turn little by little when the professional demand begins to withdraw its profits.
Tomorrow we will continue with a new article monitoring the price development.
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Alejandro Aristeguieta
CEO in Aristeguieta Capital.
Investment Firm and Financial Analysis.