I have not read any post that talks about the ethereum triangle, all eyes are on bitcoin, so it seemed important to bring you in this post and analyze the implication its price break would have
Let's see
After completing the 5 elliot waves, it was expected that ethereum would look for a price correction
The correction has been up to 0.618 fibonacci, expected if it rose throughout this macro cycle of elliot from 100 dollars to 4300 dollars.
Short term.
For several weeks ethereum has been forming an ascending triangle, which can give us the possibility of breaking up or down.
If it breaks to the upside it should take the price of ethereum up to 4000 dollars
If it breaks down, it would bring the price of ethereum back to support prices, around $ 2,000.
The volume should rise when breaking the triangle to confirm the figure
Third possibility
There is a third possibility that the price follows in a range, if investors prioritize Bitcoin and the competition, rather than etheruem.
In this case, the dominance of Bitcoin would rise, leaving Alcoins postponed.
But there is another problem for ethereum
Commissions are still high, the competition knows it, and you can take a leap if your projects are realized in the short, leaving Ethereum postponed.
That is why we see, for example, Cardano that has recovered its value measured in Bitcoin more quickly.
My opinion
The volume has not been important since May 30, it should have been higher if it broke higher.
The RSI tends to rise but not the price. It is not a good indication.
It seems to me that you are looking for a price range more, and now you are looking for the minimum of that range that could take days or weeks to find it.
If I receive many votes I will carry out an analysis of elliot indicating how these objectives would be reached.
What do you think.?
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The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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