ETHUSDT on the local timeframes forms a change of trend. The descending channel formed at the beginning of April 2022 is smoothly changing to an uptrend. We see the formation of a local upward price channel. The price clearly reacts to the boundaries of the range. As part of this move, we see a retest of the trend resistance from April 3, 2222. At the moment the price breaks through this line and consolidates in the long zone. Also worth considering is the fact that when the price is in a range, it moves from the borders of the channel to the borders. We can see that after testing the support the price breaks through the trend resistance, but the upper border of the channel has not been reached by the price - I will consider it as our target, if the price will be able to hold above the trend resistance.
We generally look for bearish bias in bear markets instead of bullish cases. Your idea of breaking 2k would change the trend. While I would love that to happen, I would not at all bet on it. This is likely going to be distribution vs accumulation. There is a clear downward channel, Eth hasn’t broken out. The monthly chart suggests it is facing major resistance.
RLinda
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@CryptoM2, The global resistance is far away, the local resistance is in the risk zone, as the price has broken it, it is possible that the etherium will make a jump to the global resistance zone
UnknownUnicorn4306608
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@RLinda That’s false, the resistance is at the 2k region. Take a monthly chart, draw the trend to the wick.