Today, we look at the Ethereum chart. ETH hit an all-time high of $4,872 (Binance Exchange), in November, 2021. The price has retraced since then, together with the rest of the crypto market, to find a low of $2,157 at the end of January, 2022. The price did show positive signs with its move up in early February, hitting the first resistance at $3,300, but it has corrected over the last two weeks, and is currently trading at $2,600.
An interesting fact is that in early February, ETH broke out of the daily descending resistance line coming from November, 2021 before falling below it once again. It has broken out (yet again) and is currently retesting, but still honoring that daily descending line, which is now acting as support.
If we look at the upside targets, we need to look at the 0.618 Fibonacci retracement level at around $3,800, which is measured from the high in November, 2021, and the low in January, 2022. We know that ETH is a very strong, major alternative coin, with a very strong use case. The expectation is therefore that there will be a lot of upside in price over the next couple of weeks. And remember, when ETH runs, it tends to serve as a leading indicator for the rest of the major alts.
