Now, I'm a big fan of high time frames. But here, it's important to zoom in and find out what's really going on down there!
You can see on the right, ETH has yes indeed broken out of the downtrend but, unlike Bitcoin , is having some trouble rallying away from the channel.
Now this can mean many things. First, I do not think we are here. Remember, this was a POWERFUL bear market. It takes a lot to break out of it, and this is Ethereum - not King Bitcoin . Now, taking a trade on Ethereum here, is not the smartest move. It can fall below the fib channel, break out, or consolidate (I know, I know, not helpful Vox!) but hang on!
There is a plan here. The point of what I'm looking at here, is that the potential for ETH to pump here is equal to Bitcoin's breakout just weeks ago from the $4k range. That $1K+ breakout was a result of breaking the long term downtrend which ETH is flirting with right now.
SO IF YOU TAKE NOTHING ELSE AWAY FROM THIS POST THE IMPORTANT PART IS THIS:
ETH has MASSIVE pump potential here. We're talking $300+. It is under the same conditions now that Bitcoin was before the massive pump. The answers to the test were given to us by Bitcoin . BE READY FOR THIS OPPORTUNITY. If and when Bitcoin continues ETH CAN GO PARABOLIC VERY POSSIBLY.
Anyways friends and traders, thanks for your time! Good Luck!