Looking at the most recent action on the chart, you can see that ETH could be at the very top of an uptrend right now. The lower trendline of that channel is well defined, and it has been copied over to show where a channel could lie. When I assess channels that haven't fully formed yet, one thing I look for is reactions to the middle region of the proposed channel. In this case, you can see that ETH has had some reactions around the area where the center of the channel would be, giving merit to the proposal of this channel. Since ETH is at the top of it, we can easily monitor it as a key . If we see ETH turn to the downside here, it would validate the channel, forming two key highs on the top trendline. From there, we could trade the channel as we see fit. On the other hand, if ETH breaks out above the top of it, that would change the analysis.
Looking at the Fibonacci levels, you can see that ETH just broke out above the 32.8% retrace. So, if this area doesn't act as resistance, and if the top of the proposed channel is surpassed, I think price could rapidly rise to the 50% retrace (around $750) and then the high of $830. Ultimately, I think ETH will retest the all time high, but it will have some pullbacks along the way. The top of this proposed channel could be the starting point of the next consolidation or temporary pullback.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***