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.
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.
Note
A closer look at the 1:1 extension and resistance. Note
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. Note
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. Note
Here is the fib time tool which appears to interact with the price at key areas. Note
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. Note
A small move up to the top of that wedge trendline did happen and printed more bearish divergence. Note
This looks like the final push for ETH to go back up to the top of the wedge. Small long position here. Note
Note
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. Note
One thing bothering me is this wave count on the final push. Im hoping its an ABC not a 12345. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.