On February 3rd, I wrote about ETHUSD (Ethereum) getting into worth discovery.
The cryptocurrency had simply damaged above its earlier all-time excessive, close to $1,440 the day earlier than.
That meant there have been no obvious resistance ranges above $1,440.
Nonetheless, the one apparent factor was that ETHUSD was prone to head a lot greater following that February 2nd breakout.
Quick ahead to right this moment, and the crypto is up one other 24%.
That’s a small piece of the 680% rally since I first mentioned Ethereum on this web site in June of final yr.
However ETHUSD isn’t achieved but, for my part.
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Not by a protracted shot.
If this bull market mimics the final two, it means we’ve got one other seven or so months till the following cycle peak.
With that in thoughts, let’s take a look at the place ETHUSD would possibly go from right here.
Regardless of gaining 24% for the reason that $1,440 breakout, ETH is lagging.
The final seven days have been comparatively uneventful for Ethereum.
However is that about to alter?
In my view, the reply is a convincing sure.
First, let’s take a look at what’s occurring on the every day chart.
Discover the huge ascending channel that’s been in place since late December.
For the final twelve days or so, ETHUSD has been largely sideways.
Nonetheless, it’s resting proper on channel help right this moment, which is why I wish to be a purchaser right here.
Moreover, it’s breaking out from a 4-hour development line, as proven within the second chart under.
One more reason I feel ETHUSD is about to interrupt greater has to do with what LINK did just a few days in the past.
Discover how related the LINKUSDT chart is to ETHUSDT.
The one distinction is that LINK has already damaged out, and I feel ETH is about to observe.
As at all times, there aren’t any ensures, however I do suppose the next ETHUSD is within the playing cards over the following few days.
For that to occur, the market wants to carry above the $1,800 area.
The following key resistance is available in round $1,870, adopted by $2,000.
As I’ve acknowledged beforehand, if Ethereum continues to do what Bitcoin did at $20,000, the concept of a $3,000 ETH later this month isn’t out of the query.