Ethereum: Watch This Channel!

ETH has been trading inside this channel for over two years now. After the recent touch of the support, the support has solidified itself even further. Note that the support is a more clear-cut line, while the resistance is more an area.

Another touch of the bottom support would potentially be great news for the bulls, hence the signal on the chart. Seeing that we already touched it recently, we can use the wick as a clear stop level. Target placed at the top of the channel, $5000. This will create a great trade with a RR of 8.5.

Keep in mind that the support could potentially also break down. This would indicate a long-term bearish shift in trend.