ETHUSD Preparing a Major Break Out

The chart depicts Ethereum on the 1W scale. The pattern is a long term Bullish Channel (with two extreme noise formations). The most recent Channel was the bearish pattern which took ETH from its All Time Highs to December's bottom.

The current 1W candle is testing the Resistance/ Lower High. If successfully crossed then the bearish trend is void and Ethereum will enter the Support Zone as it would be supported by the grand pattern of the long term Bullish Channel. This will build momentum for the Recovery Zone which has the potential to keep the price sideways for some time (distribution) before it Breaks Out and enters the new Bull Cycle.

That is why I consider this month ETHUSD's most important for this Bear Cycle.