Ethereum is looking like it could be in the midst of a consolidation phase. If we see further consolidation and pullback with shrinking volume but price stabilization, I'd anticipate a likely scenario for what I've drawn out on the chart.
I was hoping that I would have seen bigger gains and follow through by the bulls, but it looks like no one wants to fully show up. So, we are likely seeing further consolidation and now will see price stabilization probably around the $580 level. We haven't seen a break of low RSI on the daily, so there's potential for longer pullback making RSI dip into the oversold levels.
Longer charts still have potential for forming higher lows and higher highs (likely not a typical scenario).
Hope everyone's having a great Friday!