ETH has been moving in a descending channel since the beginning of this bear market (november 2021).
It seems to follow BTC with some delay because BTC had broken this channel almost a month ago.
Today, ETH is at a crutial point: The 4th time touching the upper trendline of the channel.
Will it be rejected or be successful to break-out this channel? It is worth noticing that BTC needed to wait until the 5th time to break its channel.
If break-out happen, it wouldn't follow by a rally in this context (like BTC). In case of rejection, it is likely that ETH goes to $1000s for liquidity grab.
Comentarios:
Rejection is confirmed. In my opinion, ETH would go to see $1200-$1100 area first, the next days.
