TechnoMeter

Ethereum broke out of wedge to top-side; but can it sustain?

On Friday, we noted wedges forming in Ethereum and Bitcoin, of which the former broke out of to the top-side and sustained a move higher. Since the plunge during the middle of the month Ethereum has been the strongest of the group, but is it ready to head higher or is a broader lower-high developing?



On the 4-hr, there is a series of higher-lows and higher-highs developing since last week, and as long as those remain in place, so will an upward bias. Keep an eye on the trend-line rising up from 1/17 along with the one from December.
If more broadly speaking, this is simply lower-high on the daily or a retest (if it rallies back to the high), we’ll use recent swing-lows and trend-lines to determine if the trend is turning to the downside. A turn lower would bring the November trend-line into play and the important spike-low at 770. Otherwise, support holds it remains the leader.

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