Hello my friends!!! Weclome to another ethereum analysis!
As you can see Ethereum broke a big downtrend channel and entered the green illustrated area. Ethereum formed a bull flag and It looks like it broke out of it and is going up! The RSI level is getting close to 70, which means that ethereum Is beginning to get overbought. So we could see a correction before we go higher. If so, Ethereum could go back to around 510 dollars.
The MACD is also showing bullish signals. You can see that the MACD is moving upwards and it made a buy signal by crossing the signal line. It looks like the bulls are creating momentum. We still have to be very cautious, there is still a chance ETH could go back to the buy zone and I keep my bear clothes close to me. We need to see more bullish signals to confirm ethereum is going to stay inside the green area. The upper line from the green area is the biggest challenge for ethereum. If ethereum breaks this downtrend channel, it will see the sky!