Ether Price Analysis: ETH Could be on the Verge of Breakout

Ether, the second-largest digital currency, is looking to break higher from the descending channel drawn from highs observed on Tuesday and Wednesday.

1H chart

If the breakout occurs, the ascent from the January 14 low of $143 would resume and a surge toward Tuesday’s high of $172 could be expected. 

Break above that level would shift the focus to the 200DMA at $183. 

The 1H RSI has already broken out of a falling channel, setting the stage for a breakout in ether.

However, if the channel resistance continues to cap gains for the next few hours, the selling mood may gather traction, pushing prices down to $157, which is currently housing the channel support. 

A strong move below that level could bring a deeper slide to next support at $148.