Ethereum seen from above by Avi Rozen via iStock
We talked about Ethereum's deeper pullback on January 8. As you can see, we saw that sell-off for wave C as expected in the 4-hour chart, but with the recent sharp rebound, seems like ABC correction is now finished. Well, bulls can be back, especially if we consider a bullish setup formation with waves 1 and 2, so it can be ready for a strong rally within wave 3 of a new five-wave bullish impulse. We can actually see it trying to break channel resistance line, so if it manages to rise above 3500 area during the weekend, then bulls can be strong, just keep in mind that bullish confirmation is only above 3750 level.
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