According to CryptoPotato, according to technical analysis from TradingRage, although the price of Ethereum has been showing lower lows and lower lows within a descending channel after failing to break through the $4,000 resistance level, the cryptocurrency is now recovering above $3,000 and has exceeded the middle line of the channel. If the market can successfully recover to these levels, a breakthrough of the channel and a continuation of prices to $4,000 or even higher can be expected.
The 4-hour chart provides a clearer picture of the recent price action. The market has barely broken through the $3,000 resistance zone and is currently testing the midline of the descending channel. With the RSI showing a value above 50%, ETH is likely to break above this level and may continue to extend beyond the $3,600 resistance area. In this case, market participants can be optimistic that a new bull wave will begin soon.
