Hello all. Looking at ETHUSD on the daily timeframe we see that etherium is trading inside the (white) ascending symmetrical channel. As we can see etherium is currently facing resistance at the current price level, which in fact is the top of this symmetrical channel at $3300.

With the ongoing etherium 2.0 hype, etherium has a greater chance of breaking up towards the $3800 target which is the next resistance. This level is also the measured move target of a symmetrical triangle (not drawn in this chart).

However, since etherium is currently sitting at the top of the channel and also the stochastic rsi is in the overbought territory, there is a small but bossible chance that we can retest the bottom of the channel, and the psychological $3000 level.

I am bullish on etherium as long as the price trades above the 50 and 200 day EMA’s.

Thanks for reading, and stay tuned. Enjoy.