🔥 Ethereum's New All time High: What's Next

Ethereum has finally blessed us with a new all time high, a huge milestone for ETH investors!

As mentioned in my other Ethereum posts, I'm still very bullish on Ethereum. One of my main targets (R1) is the $1700 level. Although it's a very realistic target, ETH might be held back by the strong channel that it has formed since early 2021. In case bullish pressure keeps flowing in, I'd expect to Ethereum to pierce through the upper channel resistance with relative ease. On the other hand, with the current instability of Bitcoin, Ethereum might fail to beat the resistance and start a short term bearish movement towards the lower support channel. Everything will be decided in the coming H4 bar.

In case the upper channel resistance gets taken out, I expect a strong bullish move with a potential target of $2000 (R2) in the coming week. What do you think?

Happy trading!

Comment:

Most conservative trade would be to wait to see whether the channel holds or not. Do your own due diligence.