ETH 5 Minute Chart
The strong 5 minute channel we saw yesterday had a clear and distinctive bearish break which was completed through a descending triangle (indicated in red) which confirmed and collapsed taking the price from $318 to $300. We then saw the development of a long term symmetrical triangle (indicated in blue) that continued to tighten over the course of 8 hours before breaking bull at $302 and running to $313. Following this rally a bull pennant failed to confirm and instead broken bearish into the long term descending wedge we are currently in. Note this is generally a bullish pattern, watch for close and confirmation above the resistance. The $286.50 has been an area of resist/support on this time frame.
ETH 15 Minute Chart
Much of the 15 minute chart mirrors what we see in the 5 minute chart, albeit with slightly tighter lines. Important to note is the clear descending wedge pattern on the 15.
ETH 60 Minute Chart
The hourly chart does not offer us much for insight today. High volatility and lack of direction have resulted in some chop over the last 24 hours. $296.63 failed to act as support and we appear to be headed to the test the broadening triangle support. Watch the 60 min RSI for potential reversal at that level.
ETH Daily Chart
Bulls were not able to maintain the strength into a 2nd green candle above pattern and instead we have seen a back test, wherein the price returns to the level of the break as the bears test the markets resolve. Thus far this level has held, and the price must remain over $281 on the daily candle to stay above this key level.
