Looking at ETHUSD on the weekly timeframe we see that the price of ETH is inside an ascending channel and currently trading above the weekly descending resistance.
To confirm this bullish price action I want to see the weekly candle close above the 200 week EMA (sitting at $1380) and above the descending weekly resistance (sitting at $1420).
Afterwards, we have our resistance of the ascending channel sitting at $2070 and the fib golden ratio at $2575-$2654.
Although the CM ultimate is giving us a green signal on the daily timeframe, the daily RSI provides us an overbought valuation.
We are also keeping an eye on BTC price action which is currently inside a descending channel and testing the resistance line of the channel which sits at a major psychological price level of 20k.
Thanks for reading, and Stay tuned. Thoughts and comments are appreciated.
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Love to see ETH pumping but must give you all a possible pullback warning NOW.
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Once we break this $1670 level, $2020 will be our next target.
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Very quick 22% bounce from the 200 Daily EMA.
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Will 1765 break this time ? Lets see.
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Eth big move towards the upside. Obviously this break out can be the ultimate run for the 2400 target.