Ethereum still bullish
Ethereum trajectory is bullish within an ascending channel, consistently forming higher highs and higher lows. The 0.5 Fibonacci level has proven to be a robust support zone, with price action rebounding from this area multiple times, indicative of strong buyer interest. Market Cipher B's green dots below the momentum line hint at sustained bullish momentum. As Ethereum approaches the channel's upper boundary near point (E), potential resistance looms between $3080 and $3120. Should the price get rejected at this upper boundary, the 0.5 Fibonacci level around $2988 is likely to be retested. A definitive break above the channel could pave the way to test further resistance levels, while any pullback should be closely monitored for volume confirmation to maintain the bullish outlook.
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