I've identified a significant descending trendline that has been acting as a robust resistance level over the long term. This line is the upper boundary of a trading channel that has encapsulated ETH's price movements for several periods now. Simultaneously, the lower trendline of this channel has been consistently supporting the price, suggesting a strong bullish undertone.
Within this ascending channel, I've also noted several dashed lines that hint at possible intermediate levels where ETH has previously encountered support or resistance. These lines are not mere conjectures but are drawn from the tangible touchpoints where the price action has respected these levels.
A pivotal component of my analysis is the Fibonacci retracement tool, which I've applied to the most recent and significant uptrend. The retracement levels at 0.236, 0.382, 0.5, and 0.618 are marked to indicate where the price may potentially consolidate or reverse. Notably, the 0.618 level, often referred to as the golden ratio, is shaded in green, indicating my expectation of upward price movement towards this level.
Note: if price were to hit 10k, market cap would roughly be 1.2T
Within this ascending channel, I've also noted several dashed lines that hint at possible intermediate levels where ETH has previously encountered support or resistance. These lines are not mere conjectures but are drawn from the tangible touchpoints where the price action has respected these levels.
A pivotal component of my analysis is the Fibonacci retracement tool, which I've applied to the most recent and significant uptrend. The retracement levels at 0.236, 0.382, 0.5, and 0.618 are marked to indicate where the price may potentially consolidate or reverse. Notably, the 0.618 level, often referred to as the golden ratio, is shaded in green, indicating my expectation of upward price movement towards this level.
Note: if price were to hit 10k, market cap would roughly be 1.2T