Everywhere I look I see Ether hype. People act like nothing could stop it. TA wise I see a bearish rising wedge with a bullish breakout. The problem is it had almost no momentum behind it which was odd seeing as everyone is screaming "price discovery mode" and "moon loading". In crypto there are lots of fakeouts and I think we have a fakeout taking place. We saw a bullish breakout from the bearish rising wedge. Happens, fair enough. Problem is it had zero momentum behind it which is strange as the bullish breakout also made a new ATH. We should have seen a throbby, veiny, juicy green dildo following such a bullish move. What we got was an almost immediate retest of the breakout, a small pump that fizzled, and now a second retest of the breakout 12 hours later? If you look at the big picture we could have just made a serious double top from the 2017 ATH. The ether chart looks very eerily similar to silver. Granted you need to adjust the time frames as crypto moves much faster than traditional asset classes. Still, do a side by side Silver monthly and Eth 3 day and you might be spooked. The most important bit of analysis is, EVERYONE IS BULLISH. And we haven't seen a mass liquidation event since March. No serious correction since then either for btc or eth. I have been bearish on ether since the rising wedge has become apparent and I have gotten a ton of shit from friends since the new high was made but I am not convinced. I feel like a flush needs to occur before the next phase of the bull market.
