Ethereum can reach resistance line of channel and bounce down

8 Feb 2024

Hello traders, I want share with you my opinion about Ethereum. Looking at the chart, we can see how the price a not long time ago entered to upward channel, where it at once declined to the support line, thereby breaking the 2235 support level, which coincided with the buyer zone. After this, ETH rebounded from the support line and in a short time rose higher than this level, breaking it one more time, after which ETH rose a little more and then made the correction. Then price rebounded and made an upward impulse to the support area, which coincided with the 2380 current support level with the resistance line of the channel, after which it turned around and soon fell back. Later price continued to move up in the channel until it reached the support line and then made a strong upward impulse to the resistance line of the channel, breaking the 2380 level. At the moment, ETH trades near this line and I think that Ethereum can reach the resistance line again, after which it bounces and starts to fall to the 2380 support level. So, that's why I set my target at this level. Please share this idea with your friends and click Boost 🚀

9 Feb 2024

Nota

When the price reached the resistance line of the channel, it didn't rebound down, it broke this line, exiting from the channel, and continued to grow. So, now, I think ETH can make a little movement up and then make a correction to 2465 points after a strong rising movement.