A little while ago I made an analysis on ETH and the bearish channel it was trading in. In this analysis I talked about the $3000 being my short-term bullish target, and that a minor correction was to be expected after reaching this area.

The $3000 area indeed ended up being an area of resistance, as ETH is currently seeing a rejection from that area.

From what I’m seeing, there’s a decent probability that ETH will re-test the bearish channel’s resistance. It would be incredibly bullish if we can see a nice bullish bounce from that area.

Naturally, the $3000 area functions as strong area of resistance, so that’s our first target. In case we can continue this break out, I’m expecting ETH to move back to $3300 in the next week or so.

Happy trading!