big picture, ETH is looking strong with a perfect bounce at the intersection of the .618 retracement level and the bottom of the channel.
i think the recent breakout above $3450 means bulls have confidence in a new support level for long liquidations around $2900. with that in mind, i would expect resistance around $4370 (where the prior ATH and new 3x long pressure levels align).
ultimately could see a new ATH and local top around $5800, likely near the top of the channel.
i think the recent breakout above $3450 means bulls have confidence in a new support level for long liquidations around $2900. with that in mind, i would expect resistance around $4370 (where the prior ATH and new 3x long pressure levels align).
ultimately could see a new ATH and local top around $5800, likely near the top of the channel.
Comment:
also wouldn't be surprised to see a path like this, where we first have a retest of the $3.4K level:
