Ethereum/USD price analysis sept.24, 2018

[Nikko]

Ethereum broke out of the descending channel on September 21 but is finding it difficult to sustain the breakout.

The ETH/USD pair is currently back at the downtrend line of the channel, which should act as strong support. The 20-day EMA has flattened out and is also located at this level. Hence, this becomes a critical support level to watch.

If support breaks, the digital currency cоuld slide to the $192.50 level once again. However, if support holds, a rally to the $302 is possible. We currently don’t see a reliable buy setup, so we are not suggesting any long positions.

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