Updated ETH Zones !

Here we are looking at ETHUSD on the Daily TF.

As you can see, ethereum has broken out from its macro downwards sloping resistance (green), which had acted as strong resistance since January of 2022.

Now that it has broken out, let’s try and analyze what zones we should monitor in the immediate short term…

Ethereum has been trading within a parallel channel (white) since November 2022. Until this is broken, it’s safe to assume that ETH will remain bound within this range. Currently, ETH is at resistance of this range, so we will continue monitoring closely for a breakout/rejection.

If ETH gets rejected, I’d expect a move back towards local support, at roughly $1,080. If it can’t bounce from there, it will likely re-test its bear market low (yellow). It has yet to re-test the bottom, so this scenario is still 100% in play.

What do you think ETH will do next?

Cheers!