Ethereum is still flirting with a 25% upside pump potential

Ethereum price is consolidating in a falling wedge pattern. This pump pattern will be executed after a decisive break of the upper trend line on the one-day time frame. The goal of the pattern is to move 25% towards $4,250, which is determined by measuring the height of the wedge and superimposing it on the expected breakout point. The Ethereum price continues to hold above $2,900 on the 12-hour time frame. Therefore, the falling wedge pattern is still in effect.
"On the other hand, the RSI is trading at a lower price. As a result, the shorts may find their way by sending Ethereum below the $2,900 buyer squeeze level. Such a move would have a negative impact on the bullish reversal pattern. What's more, this won't be restricted, and it will also encourage more long sell orders. Traders looking to open long positions for ETH should wait for the RSI pump to be above the 50 average. The move could be accompanied by a Rebound in Ethereum's price above the lower limit of the pattern. A close above $3,212 on the 12-hour candlestick will provide a good entry opportunity.
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