ETH Double Bottom: Upside Target: USD1130
ETH saw a correction to region of USD570 on 6th Feb and rebounded almost immediately, hence forming a double bottom on the 4-hr chart. Struggled within the downtrend channel, inching to the top of that channel over the next 5 days.
Based on the double bottom and potential for the big boys to step in this year, we could very likely see ETH moving towards USD1130 in the next few weeks/months.
A move down back into the channel to USD770 (lower bound: USD690) may also be a short term occurrence. Resistance of USD900 have to be broken more convincingly for the explosion upwards.
Current: USD865
Downside Push: USD690-USD770
Resistance: USD900
Upside Target: USD1130
Based on the double bottom and potential for the big boys to step in this year, we could very likely see ETH moving towards USD1130 in the next few weeks/months.
A move down back into the channel to USD770 (lower bound: USD690) may also be a short term occurrence. Resistance of USD900 have to be broken more convincingly for the explosion upwards.
Current: USD865
Downside Push: USD690-USD770
Resistance: USD900
Upside Target: USD1130
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