I believe that ETH is setting up for a breakout of $500 within the next couple of days. We've seen a strong bullish run and with new highs right around the corner, I believe it will continue to run strong for the rest of this year.
Looking at the current situation, we're currently sitting in a channel between $478 and around $450. I would look for an entry at $450 if we are showing signs of support and rebound there. Otherwise, I could see a potential drop to the 0.236 fib level at around $430 and a strong bounce from there - but lately ETH has had no reason to drop and rebound. A breakout from this current channel will easily result in new ATHs.
Looking at the current situation, we're currently sitting in a channel between $478 and around $450. I would look for an entry at $450 if we are showing signs of support and rebound there. Otherwise, I could see a potential drop to the 0.236 fib level at around $430 and a strong bounce from there - but lately ETH has had no reason to drop and rebound. A breakout from this current channel will easily result in new ATHs.
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Forgot to mention: taking a look at the RSI we are making our way towards oversold while building consolidation in this current channel. Consolidation make take another day or two in order to build strength for the breakout.
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$450 support level was tested and held, I believe part of the reason we haven't seen a rebound yet is because of BTC breaking $9,000. Now would be a good point for entry
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BTC continues to rise to new highs so it seems we will stay within the channel for now. This can provide a good opportunity for swing traders or for those still waiting to enter before the breakout.