A cup and handle pattern has formed on ETHUSD weekly chart.
A break above $4,000 will confirm the completion of the pattern.
Upper trendline resistance at approximately $12,000-$16,000 will be the target.
Target will depend on speed of the move, but should be met before year end 2025.
Whereas 0.5 fib was acting as resistance, it now acts as support. Combine that with tweets from John McAfee, a noted BCH supporter, saying he is mining BTC because it is more profitable (right now) vs mining BCH, you can assume he (and other BCH supporters) are buying BCH with their freshly mined BTC.
Long term target is 0.53 BCHBTC, the 2.618 fib extension from...
Looks like BTC is due for a pull back. It took a few years to break out of the last channel. This new channel is relatively new. Combined with the very high bullish sentiment, I think a pull back to retest the support at $3000 is likely. It will be extremely bullish if BTC manages to break through the top of the channel, however. But this is a good risk/reward...
