Ethereum - Anticipation of a breakout

Next week, the FED is set to increase interest rates in the U.S., which we expect to weigh on the economy to which cryptocurrencies are highly correlated. Therefore, we have no reason to change our bearish bias. Our price target for ETHUSD stays at 1700 USD and 1650 USD.

Technical analysis - daily time frame
MACD is bullish but stays in the bearish area. Stochastic is bullish. RSI is neutral. Overall, the daily time frame suggests a lack of trend.

Illustration 1.01
The setup for Ethereum remains valid as no breakout has taken place yet. A breakout above the upper bound will be bullish, while a breakout below the lower bound will be bearish.

Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.