Ethereum Breakout Near??

Ethereum has tested higher levels in the value area in the 3K handle that it has been establishing since giving up the 4K's. We tested as low at $3646 before traversing the range back to resistance at $3861, where two red triangles on the KRI are confirming resistance. The Kovach OBV has picked up sharply with $200 rally, but has quickly leveled off with the resistance. We may appear to be in the midst of forming a bull wedge or other bull consolidation pattern, and in an attempt to build enough steam for a breakout to test the 4K's. However, persistent ambivalence in Bitcoin may suggest that we are comfortable in the current range for now. Watch for ETH to continue to find value between $3646 and $3861.