Ethereum Uptrend Analysis
Ethereum lost an uptrend it has been in for >6.5 years back in July of this last year. That uptrend also forms the bottom of a rising wedge that has taken shape when drawing a trend from peak to peak over the years. Upon losing its uptrend, it briefly saw a pullback during Feb - March of this year, but then lost it again and has since bounced down from a re-test it did in May.
ETHBTC Pair Analysis
ETHBTC pair also lost a 7.2 year uptrend back in March and has also since failed to get back above it upon re-test.
Possible Scenarios for New ATHs Before Down
It could drag out through July or later and re-test again, which might even give it a new / slightly higher ATH before starting the long haul down. Or, it could break back into the rising wedge and move near the top, around 10k as some have expected, and that could delay and mitigate its downside.
ETH/BTC Analysis
Another look at ETH/BTC 2-Weekly and daily charts with chances to become bullish or bearish:
2-Weekly Chart
Daily Chart
Daily Chart zoom in on re-test of 7.2 year uptrend, where it formed a rising wedge and hit downside targets, so far.
