Ethereum has formed a narrow bullish channel

Ethereum has formed a narrow bullish channel in contrast to Bitcoin the previous day, and the previous day's bullish effort briefly broke the previous ceiling at $1,681. The bottom of this ascending channel is considered in the range of $1,520 to $1,535. Ethereum could enter a deep corrective wave if this support is broken, and its supports will be in the $1,450-$1,400 range. But suppose the $1,681 resistance is broken this time. In that case, Ethereum can also cross the midline resistance of its channel and continue the upward movement to the higher targets intended for it. Note that due to the price entering the supply ranges at higher timeframes, the probability of stability of this upward movement is low. This means Ethereum can have quick negative reactions when it hits these resistances.