From TradingView · · 1m 20s
ETH is coiling inside a parallel channel
A trader is watching Ethereum squeeze between a channel and an ascending triangle, and both exits are on the table.
In brief
A trader is watching Ethereum squeeze between a channel and an ascending triangle, and both exits are on the table. Wait for the candle to close outside the channel, then trade the direction it picked. Originally reported by TradingView.
ETH is boxed in
ChandruKumarR maps Ethereum perpetuals on Binance inside a parallel channel, with an ascending triangle forming inside it. Price has nowhere to go but out.
“ETH - Parallel channel and ascending triangle”
Two patterns, one chart
The channel sets the outer rails. The ascending triangle inside it, with its flat ceiling and rising floor, is the pressure building against one of those rails.
A break up is bullish
If ETH pushes through the top of the channel, the trader reads it as a clean bullish signal for Ethereum.
“Breaking out is bullish for ETH.”
ETH/BTC agrees
The Ethereum to Bitcoin pair is showing the same constructive setup, which means ETH may be gaining on Bitcoin rather than just riding a broad crypto move.
“ETH/BTC looks good as well.”
A break down is worse
Losing the bottom of the channel flips the whole read. The trader calls that outcome super bearish, not just a pullback.
“Breaking down this parallel channel is super bearish.”
Wait for the close
No guessing the direction in advance. The rule is to enter on either side only after a candle closes beyond the channel, which filters out fake breaks.
“Entry on either side after candle close.”
What it means
Wait for the candle to close outside the channel, then trade the direction it picked.
