Chart of the day

Ethereum from a technical standpoint, is showing signs of potential strength after the bounce of 1500 but it is reaching a hard consolidation rectangle resistance. A break above 2100 is needed and will lead to an extension higher. A rejection here could leave us in rectangle swings and we could see a pullback to 1650.

I see this still as a pullback in the second wave before a continuation higher in five waves. We need to see a clear confirmed break above 2100 in the coming days and weeks to support this count higher. Invalidation will come only upon a confirmed break below 1500.

Long trades could be opened upon a break above 2100. Short trades should be opened in the case of a break below 1500. This is a key resistance/support level so use small sizes and close stop loss.