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Ethereum Looks Like Its Testing Major Resistance

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Hello Traders,

Having a quick look at Ethereum there are a few interesting things going on. I have put a support/resistance trendline in place which (to me anyway) looks like its acted as a major support in the past, now its acting as resistance. The price looks like it is moving up inside a rising wedge . The price does appear to have crossed the diagonal downtrend line but not much in terms of bullish conviction has appeared yet. I have put a fib extension on what looks like wave 1 and the price is wicking on the 1:1 extension which just happens to be right on that support/resistance line.

As this appears to be a major support/resistance line I would be surprised if it passed it first time. The fact price is also going up inside a rising wedge looks a bit bearish .

If the price breaks resistance here and the wedge top with bullish volume and conviction then that is bullish for Ethereum .

What I think is more likely to happen is a fail at resistance, a retracement back down to the diagonal trendline where it "should" bounce and then have another go at that resistance area .
Comment: A closer look at the 1:1 extension and resistance.
Comment: Buy volume has been decreasing as the price has been rising which is a bearish sign. The price has double topped here and the RSI looks to be showing bear divergence. A small move up to the top of the wedge trendline could happen but the RSI would still be showing bearish divergence.
Comment: Here is an interesting observation but not sure if this has any real relevance but if you invert the chart a cup and handle appears.
Comment: Here is the fib time tool which appears to interact with the price at key areas.
Comment: Here is the 1 hour chart. As you can see buy volume is going down but there is definitely more sell volume. Its also into overbought area on the RSI.
Comment: A small move up to the top of that wedge trendline did happen and printed more bearish divergence.
Comment: This looks like the final push for ETH to go back up to the top of the wedge. Small long position here.
Comment:
Comment: ETH did make 1 more push for the wedge as i thought. I think we are due for a retrace now. Bitcoin also looks like it has topped here.
Comment: One thing bothering me is this wave count on the final push. Im hoping its an ABC not a 12345.

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