On March 19, though the intraday high was $590.11, the closing (UTC) was at $558.78. Our proposed long positions were not filled because Ethereum could not close above $575.
Currently, the bulls are trying to push prices back above the descending channel. If successful, we can expect a move to the 20-day EMA at $641.
On the contrary, if the bears push prices back into the channel, a retest of the March 18th lows of $452.32 might take place.
We don’t find any setup that has a good risk to reward ratio, hence, we don’t recommend a trade on the ETH/USD pair at the moment.