A descending parallel channel was formed on eth previously and on breaking out, it gave a nice pump. The green zone was a major resistance zone, now a support and also a strong trend based fib level of 0.382 (Marked in red). We could also see the EMAs aligning well in that zone. It came back to retest the resistance trendline after which it now looks good as EMAs are acting as good supports. We can expect a nice rally in the price if it stays above this zone.
Note: This analysis is totally about what the coin is upto and NOT a trade call.
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