On February 3rd, I wrote about ETHUSD (Ethereum) entering price discovery.
The cryptocurrency had just broken above its previous all-time high, near $1,440 the day before.
That meant there were no apparent resistance levels above $1,440.
However, the one obvious thing was that ETHUSD was likely to head much higher following that February 2nd breakout.
Fast forward to today, and the crypto is up another 24%.
That’s a small piece of the 680% rally since I first mentioned Ethereum on this site in June of last year.
But ETHUSD isn’t done yet, in my opinion.
Get FREE Access to Daily Price Action When You Open and Fund an Account With Blueberry Markets!
Not by a long shot.
If this bull market mimics the last two, it means we have another seven or so months until the next cycle peak.
With that in mind, let’s look at where ETHUSD might go from here.
Despite gaining 24% since the $1,440 breakout, ETH is lagging.
The last seven days have been relatively uneventful for Ethereum.
But is that about to change?
In my opinion, the answer is a resounding yes.
First, let’s look at what’s occurring on the daily chart.
Notice the massive ascending channel that’s been in place since late December.
For the last twelve days or so, ETHUSD has been mostly sideways.
However, it’s resting right on channel support today, which is why I want to be a buyer here.
Furthermore, it’s breaking out from a 4-hour trend line, as shown in the second chart below.
Another reason I think ETHUSD is about to break higher has to do with what LINK did a few days ago.
Notice how similar the LINKUSDT chart is to ETHUSDT.
The only difference is that LINK has already broken out, and I think ETH is about to follow.
As always, there are no guarantees, but I do think a higher ETHUSD is in the cards over the next few days.
For that to happen, the market needs to hold above the $1,800 region.
The next key resistance comes in around $1,870, followed by $2,000.
As I’ve stated previously, if Ethereum continues to do what Bitcoin did at $20,000, the idea of a $3,000 ETH later this month is not out of the question.