Ethereum approaching major support, prepare for a bounce

Ethereum is approaching major support at 1008 (38.2% Fibonacci retracement, ABC Fibonacci extension, horizontal swing low support) and a strong bounce could occur at this level to potentially push price up to even 1258 resistance (61.8% Fibonacci extension, horizontal pullback resistance). We have to remain careful that Ethereum is in a bearish channel and would increase our conviction for a bounce if it breaks the upside resistance of this channel.

Stochastic (55,5,3) is seeing a bounce above 4.3% and also a recent break of a descending resistance-turned-support line signaling a potential change in momentum.

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