ETH/USD - Bearish break of wedge. Back on support! 😐Ethereum has set another all-time high this week at $4,868 and increased slightly.
ETH is currently sitting on a clear uptrend and has formed a large bearish wedge which appears to end just above $5,000 (in blue). This is also the place where ETH has key resistance at $5,075. Therefore, the current rally may be stopped by the bears at that level, even if temporary. If this scenario plays out, ETH might pull back towards $4,500 before the rally can continue.
This is also supported by the indicators, where the daily MACD did a bearish cross today. This is not good news for the bulls as it indicates the possibility of a correction in the future. Nevertheless, it’s looking more likely for ETH to first test the resistance before any sharp rejection.
Looking ahead, ETH is one of the strongest performers this year, therefore, this could continue in the future. It remains very bullish on higher timeframes, despite any short-lived pullbacks. So long as the overall crypto market remains bullish, ETH can continue to make higher highs.
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