Red lines- medium-term bearish channel
Blue lines- Fibonacci retracements
Green lines- trading range
Ethereum is trading around $1,523. Yesterday price broke out of the trading range it was in since September. This break out is a positive sign for the near term. There is upside potential towards $1,630 at least. If Ethereum price manages to break above the red bearish channel, then we should expect to see the 61.8% Fibonacci retracement around $2,500. Bulls do not want to see price get rejected at the upper channel boundary resistance. Key support remains at $1,200. Bulls need to start building a new sequence of higher highs and higher lows.
