A cryptocurrency analyst has explained where Ethereum could go next based on a long-term Parallel Channel forming in its monthly price chart.
Ethereum Has Been Trading Inside A Parallel Channel For The Last Few Years
In a new post on X, analyst Ali Martinez has talked about a long-term pattern that Ethereum has appeared to have been following for the last few years. The pattern in question is a “Parallel Channel” from technical analysis (TA), which forms whenever an asset’s price trades between two parallel trendlines.
The upper level of a Parallel Channel is likely to facilitate top formations in the asset, while the lower one can act as a support boundary and allow the price to remain above it.
Parallel Channels can be of a few different types depending on how the lines are oriented with respect to the graph axes. If the channel has some slope, it falls into either the Ascending or Descending categories. Naturally, it’s the former when the lines are angled upward
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