Chart of the day

ETHUSD is testing the strongest upside resistance of 2750. A rejection here will lead to a downside reversal to mark the end of the Elliott Wave correction in the fourth long-term wave and start the final fifth wave down.

Only a clear confirmed break above 2750 will invalidate the downside and will lead to an extension higher to 4000. A confirmed break below the 1650 level will open a new leg lower and confirm that the long-term downside of the Elliott Wave has begun. Short-term we are still in the sideways rectangle consolidation and I expect swings to continue.

Short-term short trades could be opened here with a stop loss above 2750. Long trades should be opened only upon a confirmed break above 2800. I am inclined to see a deeper pullback into 2100 and possibly deeper.