Time To Tune In: Trader Says “Channel” Could Take Ethereum To $40,000

Leading the crypto market for the past month, Ethereum still displays conviction as it moves back to previous highs. The second cryptocurrency by market cap has slow down in the past day, but still seems bullish to records more gains in the short term. At the time of writing, ETH trades at $3,157 with a 2% loss in the daily chart. After the EIP-1559 was introduced with the Hard Fork London, Ethereum took a stronger momentum to the upside. Pseudonym trader Jackis has been keeping a close eye on ETH’s price, charting its potential short- and long-term scenarios. The former could see some ranging and consolidation at current levels, as seen below. This fractal predicts a potential move to the upside for Ethereum, as the cryptocurrency approaches the end of August. At that time, ETH holders could see some more gains with some pullbacks along the way. Jackis drew this prediction by comparing Ethereum’s previous climb to its all-time high north of $4,000. A possible price target for this future rally could sit around $3,700 to $3,800, before the price experience a major retrace. In high timeframes, the trader claimed that ETH’s price is currently seen some resistance on a channel established after the 2017 rally. At this time, ETH reached its previous all-time high at around $1,400. After a long period of consolidation, ETH’s price has been slowly moving back to the highs of the channel with a potential price target of $20,000 to $4...