Ethereum Wave 2 opening

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 Ethereum 4 hour chart


Analysis

Ethereum has arrived near crucial resistance which is placed at $1680 levels. It is important for prices to breach this level to open further positive possibilities. Failure to do so will open counter move which can drag prices towards its pivot support.

RSI has also started exhibiting negative divergence giving an indication that the upside is capped as of now.

As per wave theory, prices are moving in impulse fashion where in it has completed wave i and wave ii is ongoing which can drag prices lower towards $1500 levels thereby completing wave ii and then wave iii higher will open.

The summation is if Ethereum falters towards $1500 it can be utilized as a buying opportunity. Any move above $1680 will continue to uptrend.

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