Bull Channel Breakdown for ETH??

Ethereum has retreated from highs, finding support at a Fibonacci level and the lower bound of what appears to be another bull channel. The good news is that it has good support here, and looks like it may bounce from this level. The Kovach OBV is still very strong, so this supports our position that it will bounce. The bad news is that bull channels tend to break down. We already have Fibonacci levels drawn which will give us a feel for lower levels of support. We have $1233, $1172, and $1111. To the upside, new highs will provide resistance. If we are able to break those, we will see more resistance in the mid $1500's, and may retrace here, filling out the channel.