If you follow my analyses, you’ve seen that I’ve talked about ETH’s bearish channel before. Where I was generally quite bearish , today something bullish occurred. We’ve broken out of the bearish channel via a massive green candle.

I’m not celebrating yet. I’d like to see another big green candle either tomorrow or later this week before I can say that the (local) bottom is in.

In case of a bullish continuation, $3000 is my short-term target. Expect profit taking there. In case of a rejection, I think we’re going to re-visit the capitulation lows around $2160.

Happy trading!