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Long

ETH Double Bottom: Upside Target: USD1130

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETH saw a correction to region of USD570 on 6th Feb and rebounded almost immediately, hence forming a double bottom on the 4-hr chart. Struggled within the downtrend channel , inching to the top of that channel over the next 5 days.

Based on the double bottom and potential for the big boys to step in this year, we could very likely see ETH moving towards USD1130 in the next few weeks/months.

A move down back into the channel to USD770 (lower bound: USD690) may also be a short term occurrence. Resistance of USD900 have to be broken more convincingly for the explosion upwards.

Current: USD865
Downside Push: USD690-USD770
Resistance: USD900
Upside Target: USD1130
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