ETHUSD

We can see that Ethereum has bounced nicely within the wedge (purple) and could be making its way back up to test the top of the triangle (yellow).

RSI bounced off the trendline and is continuing its move higher showing strength. News about the reduction of reward from 3ETH to 2ETH per block is causing some increased bullish flow.

If we do see a breakout of the triangle (yellow), we could see Ether test our supply zone around 320, which coincides closes with our 38.2%FIB level around $334.

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Comment:

We can see that Ether broke out of the triangle and came back to retest the breakout. It has so far found support and we could expect a continued move higher into the supply area.

If we break down from the support area, we would consider that bearish and Ether would yet again test the lows.