ETHUSD is forming a symmetrical triangle after a downtrend on weekly time frame signifying a continuation pattern. On the other hand, in daily time frame, the price is forming an raising wedge that indicates a reversal in this short term bullish movement, setting the price back to the weekly triangle before continuing the downtrend. We may expect a rebound once the price touches the weekly support at around 1700 to 1800.
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This pattern is confirmed if price drops below the lower trendline below 2600 and invalidated if the price bounces back above 3040. The price is now testing the upper trendline of this symmetrical triangle. We should expect a bull-run if this trendline supports the price.
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ETH price seems to show sign of weakness and keeps on approaching lower trendline. We should expect a breakout downward in a few days toward 2300 to 2400 level. If it breaks, price may revisit 1700 level again where we can find more liquidity. Feel free to give any comment or idea. Safe trade!
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Approaching a strong support level.