Technical analysis by JinDao_Tai about Symbol ETH: Buy recommendation (8/14/2023)

Breakout potential on Ethereum Anticipating upside potential on Bitcoin, if price breaks out of the current consolidation...This could result in ETHUSD trading higher as well. However, for ETH, the price has been in a wider range, while also bouncing off the bullish trendline. A breakout could only be signaled if the price breaks above the 1858 price level which coincides with the 23.60% Fibonacci retracement level. Price could climb toward the immediate key resistance level at 1890, the 38.2% Fibonacci retracement level from the longer term. Beyond that, the next key resistance level is at 1940.