As analyzed yesterday, the middle line of the parallel channel is holding the price and acting up as local yet critical support level. On the hourly chart, Ethereum is still bullish as the candles are retesting the trendline. Also, Ethereum has been rising in an ascending parallel channel since December 04 with the middle line is acting up as near term support. If the weekend doesn’t repeat what Bulls fear, Ethereum might resume its rally from here. If momentum fails however it could slide down to $4K
