ETHUSD; Tackling 38.2% Fibo?

A break above 700 yesterday on better volume brings this coin right at the standard 38.2% Fibonacci retracement level of the 2018 drop (around 775).

For now no sign this is a problem level but ideally bulls need no hesitation today around this area and should provide a close above. Such action can signal a further move north where the 50% Fibonacci level, together with some horizontal resistance at 890 should be the target.

It should be clear that bulls have the upper hand as long as the short-term bullchannel is in place. It's low end is well defined (660 today, moving up 15 points a day). It's top end is just a projection (830, moving up 15 points a day).

Have to eye that 38.2% level today (775) on close; a failure to progress further beyond this level could spark some correctional action where previous 712 resistance could be retested.

For now, just play the bullchannel with 890 in mind.