Ethereum has rallied to a fresh all-time high this morning, as the second-largest crypto maintains its close price correlation with its nearest rival, Bitcoin. The daily time frame shows that the ETHUSD pair is trapped inside a large rising price channel, with the top of the channel located close to $2,000. Typically, rising price channels are considered bearish reversal patterns, so the ETHUSD pair could reverse from the top of the channel.
The ETHUSD pair is only bullish while trading above the $1,840 level, key resistance is found at the $1,950 and the $2,000 levels.
If the ETHUSD pair trades below the $1,840, sellers may test the $1,790 and $1,650 support levels.
