Ethereum Sees Support

As we anticipated yesterday, Ethereum broke through to support at $2400, which has been a very faithful level recently. It rejected $2800, which seems to be a hard upper bound for now, and potentially the upper level to a bull wedge formation. We are currently seeing an inverse head and shoulders forming right around $2400 so we are likely to see support here and potentially get a bounce. The neckline appears to be at $2556, so watch for a breakout from here. There is a vacuum zone back to $2800 after that. The Kovach OBV is still pretty bearish so anticipate more general malaise until some momentum comes through.