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Ethereum is pulling back for a support test
Where do we stand fundamentally?
Ethereum is awaiting ETF approval which will possibly increase demand for it in the coming weeks. On the back of a broad crypto rally, it reached a peak in March and May.
Ethereum is pulling back from the high of 4000 for a possible strong support test of 3100. That would be a completion of a fourth wave pullback before another extension higher.
Support for an upside extension and a test of 4000 again is as said 3000 and an invalidation level of a fifth wave extension higher is 2800. Only a confirmed break above 4100 after the bounce from 3100 is required for a continuation higher.
Ethereum 3 days chart
Wait for a pullback to 3100 before going long or building a buying position. Another strategy is to wait for a break above 4100. This is a consolidation triangle.
Ethereum trading strategy