ETHUSD Double Bottomed at ~$2,500
Looking at ETH on the 4-hour time frame it looks like its double bottomed out and is now looking to reverse back upwards.
The start of the uptrend was created the last week of April going into May at $2,300 without a single pullback from the $2,100 area. This was very overbought and was gearing up towards a brutal crash.
From this move upwards though, ETH formed a local high at $4,200 until it dropped to the 1.0 Fib level at around $2,000.
Now ETH gained the 1.618 Fib level resistance as support at the $2,700 area and is looking like it wants to gain up to the $3,000 level and above.
Going into this month it is going to regain support inside of this upwards channel and continue the move up to newer highs beyond the local high at $4,200.
The start of the uptrend was created the last week of April going into May at $2,300 without a single pullback from the $2,100 area. This was very overbought and was gearing up towards a brutal crash.
From this move upwards though, ETH formed a local high at $4,200 until it dropped to the 1.0 Fib level at around $2,000.
Now ETH gained the 1.618 Fib level resistance as support at the $2,700 area and is looking like it wants to gain up to the $3,000 level and above.
Going into this month it is going to regain support inside of this upwards channel and continue the move up to newer highs beyond the local high at $4,200.
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