Will ETH continue to ride the logarithmic channel top?
ETH looks to be rather bullish when taking a step back and looking at the long-term logarithmic chart over the past year.
As you can see, ETH has a tendency to get near the top of the ascending channel that has been forming since July 2020 and largely just stay at the top for some time. If history were to repeat itself, and if Ethereum continues to stay near this channel top, then there are is a good potential that ETH could hit 3.6-3.7K in the short term and even up to near 4.6K (based on Fibonacci extensions) over the next few weeks.
ETH recently surprised me over the past week and a half as it continued to rise despite continued divergence. Even now, I dare not even show the 4-hour chart due to the divergence I just can't unsee. But that being said, things are looking fairly bullish from a long-term perspective. As to how long ETH will stay this way before a larger retracement is anyone's guess.
As always, this is not financial advice and is solely my opinion, but please like or comment if you agree or have any thoughts/opinions.
As you can see, ETH has a tendency to get near the top of the ascending channel that has been forming since July 2020 and largely just stay at the top for some time. If history were to repeat itself, and if Ethereum continues to stay near this channel top, then there are is a good potential that ETH could hit 3.6-3.7K in the short term and even up to near 4.6K (based on Fibonacci extensions) over the next few weeks.
ETH recently surprised me over the past week and a half as it continued to rise despite continued divergence. Even now, I dare not even show the 4-hour chart due to the divergence I just can't unsee. But that being said, things are looking fairly bullish from a long-term perspective. As to how long ETH will stay this way before a larger retracement is anyone's guess.
As always, this is not financial advice and is solely my opinion, but please like or comment if you agree or have any thoughts/opinions.
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