ETH – Uptrend Channel Holds

Ethereum is pulling back this morning on the daily chart but it remains in an uptrend channel and it continues the trend after touching a peak of $4868 on November 10, 2021. Ethereum looks stronger on larger timeframes than smaller ones as the uptrend is unbroken for the last 40 days. At some point, if there is a major correction in Bitcoin, the same will happen to other altcoins. At that point, Ethereum may test its descending trendline support shown in the chart near fib 0.5 ( $3513) where EMA 200 will be present to provide the additional support. The next target Ethereum seeks is at fib -0.618 at $5439.