After the exponential rise of any instrument there is a point where the trend either reverses or we see a sideways or consolidation pattern emerge.
My analysis on the daily Ethereum chart tells me we are at the point where we could see a large move on Ethereum. My personal Bias is Long and I see a bullish wedge formation which can lead to the next leg up.
To find the point where price may terminate we measure the opening of the wedge from the 1320 ish area to the bottom support line = $1,112.00.
I then project this amount when a daily candle breaches and closes above or below the lines indicated on the chart.
The Long projection lines up with the 127% Extension Fib level of the first corrective wave after the rise. If price closes about the 947.82 area then this is the next level to take profit. Also be aware of the ‘almost double top’ near 1325 ish – sometimes price action fails just before the ATH and capitulates so keep an eye on any bearish candles that may signal price changing trend.
If price breaks to the south we are heading to 97.90 after breaching 158.