After a heavy corrective move down, Ethereum rejected $200 psychological price level and immediately started to move higher breaking above the descending channel.
The channel breakout point is now acting as a support which has been rejected by ETH a few times now. While failing to go lower $280, ETH could start attracting buyers and when the downtrend trendline will be broken, a strong upwards move could take place.
As a 1st and the key resistance, a $357 price level is seen, and break above it could send the price higher towards 2nd ($390) and 3rd target ($426) accordingly. All of these targets correspond with 227.2%, 327.2% and 427.2% Fibonacci retracement levels of the last corrective wave down from $314 to $279.
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Visit this trade idea: https://www.tradingview.com/chart/ETHUSD/0BI1CSbZ-ETH-USD-LONG-UPON-TRENDLINE-BREAKOUT/
