Ethereum bullish price channel.

Price action of Ethereum 4.72% ( ETHUSD 4.72% ) from ~$394.06 on April 09, 2018 to present date has been captured in this analysis in a bullish price channel .
The price channel is achieved by drawing the main trend line (in blue) along price lows and then placing the parallel to that line above the price high (~$528.36) made on April 13, 2018 (black line).
The green arrows in this analysis show a possible trajectory for further development in the price action of Ethereum 4.72% . Support as drawn on the chart is between ~$574.66 and ~$556.10. The upper line for the support area coincides with the main trendline , thus increasing the potential of Ethereum 4.72% finding support around the support region.
Any further bullish action in the case of a sell off to the support area would be expected to target the upper end of the channel which has been estimated in this analysis to be between ~$689.40 and $702.90.
Point of invalidation of this analysis (POI) is a price close below ~$541.75 at which point Ethereum 4.72% would have not only broken through support, but also its 4hr tf main trendline (in blue).
Assuming an ideal scenario where Ethereum 4.72% reaches and holds in the support region, risk on the trade = $574.66 (upper region of support) - $541.75 (POI) = $32.91.
Reward = $689.40 (bottom of the target area) – Point of entry ($575) = $114.40
Risk/reward ratio = 114.40/32.91 = ~ 3.5:1
Source

#Collected