Bull Wedge in Ethereum??

Jan 31, 2022

Ethereum has met extreme resistance at $2651, confirmed by two red triangles on the KRI. We do appear to be broadly forming a bull wedge with higher lows as Ethereum has clawed its way back to the mid 2K handle from the low 2K's. The level $2651 has provided consistent resistance at every attempt, and remains the upper bound of our bull wedge pattern. Last night, ETH rejected this level yet again, but has found support at $2454. The Kovach OBV is still strong, steadily trending upwards suggesting a slight bull divergence. If we are able to break $2651, then $2762 and $2852 are the next targets. If we dump further, then we should see support in the $2400's, with $2324 as a likely floor.