Ethereum managed to increase by 6.4% this week as it continues to climb higher inside an ascending price channel. The price channel formed at the start of October after ETH found support and reversed at $2800.
Last week, ETH found resistance at $3600, causing it to fall into the support at $3400. It bounced from $3400 on Wednesday as it hit the lower boundary of the price channel. Yesterday, ETH managed to break $3600 and push higher into resistance at $3790 (bearish .786 Fib).
Looking ahead, if the bulls break $3790, the first strong resistance lies at $4000. This is followed by $4060 (1.414 Fib Extension – blue), $4200, $4282, and $4400.
On the other side, the first support lies at $3670. This is followed by $3580 (.236 Fib & lower boundary of the price