EthereumLong
ETH in a Descending Widening Wedge
What can explain ETH behavior is a widening wedge that I spotted. But this is on the log scale and the possibility of it hitting the lower support again at $300 is low.
A better interpretation is the two descending channels. We can see that price broke out of the steep descending channel and now retesting it. An obvious price target after the retest, is the the wider descending channel resistance and the widening wedge resistance at $2500.
The RSI is at support and price action can be similar to May-November 2021.
What this idea hints to is that the final bottom is in December, a usually bearish month when traders close their positions for the holidays.
Another simpler interpretation is that price is just currently at the mid range and will fall back to range support, this will can be confirmed in the next days.
A better interpretation is the two descending channels. We can see that price broke out of the steep descending channel and now retesting it. An obvious price target after the retest, is the the wider descending channel resistance and the widening wedge resistance at $2500.
The RSI is at support and price action can be similar to May-November 2021.
What this idea hints to is that the final bottom is in December, a usually bearish month when traders close their positions for the holidays.
Another simpler interpretation is that price is just currently at the mid range and will fall back to range support, this will can be confirmed in the next days.
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