Alicharts Says Ethereum Breaks Below Rising Channel, Next Support at $1,580

ChainCatcher reported that analyst Alicharts reviewed Ethereum’s one-hour candlestick chart and said ETH has broken below the lower boundary of its previous rising channel. In technical chart reading, the lower line of a rising channel is commonly used as a reference point for whether an upward structure remains intact.

According to the chart-based analysis cited by ChainCatcher, the next support level for Ethereum is at $1,580. The update specifically refers to the one-hour ETH chart, the loss of the former rising channel’s lower boundary, and the $1,580 support area identified by Alicharts.