Zooming out to look at the weekly charts and there’s a very apparent rising wedge pattern being constructed.
It’s worth pointing out the vertex of the Sept-Oct symmetrical triangle and the vertex of the rising wedge are at about the same level. Expect resistance between $205-$210
It looks like ETH is building a symmetrical triangle before (hopefully) moving on to higher ground. We're seeing higher lows and lower highs, all on decreasing volume. The height of the flag pole is approximately $45 so if there is a breakout on higher volume we can expect the price to climb $45 from its breakout point.
There was another symmetrical triangle back...
This is a critical spot for this intermediate trend. Is it going to jump of the support on to new highs? Or will it fizzle out?
I think this intermediate trend is running out of steam. Each big move up was weaker than the last and volume has been dropping off. The shooting star candle on the 19th doesn't help either. Support can be found around $27.50 and then $23.50
Ethereum is showing signs for a big move in the near future. We've got an ascending triangle forming since early December. The retrace over the past month stopped short of the old trend line and started forming another ascending triangle (yo dawg, I heard you like ascending triangles).
Once this breaks out of the larger triangle, we can expect the price to rise...