Ethereum- Important bullish breaks, but...

2月23日

My recent target of 3k for ETHUSD was not only reached but surpassed. However, more importantly, Ethereum managed to break above important levels in achieving this feat. The previous recent high at 2700 was breached, as well as the resistance of the ascending channel initiated back in June 2022. All of these are strong bullish signs.

However, as in the case of BTCUSD, the recent upward move is overextended, and a correction seems highly probable at this moment.
This normal correction could lead to a price drop to the 2700-2750 support level.
However, if bulls are unable to maintain this zone intact, the situation becomes gloomy. These two false upward breaks could potentially reverse the price even down to 2200.

In conclusion, a correction to 2700 is something normal and should not come as a surprise. However, a break below this level poses problems for bulls.