Ethereum pennant price action condenses

The fall back in Bitcoin this weekend, closer towards 55k again was the driver for another drop below $1800 for Ether. The price did lift above 1850 briefly on Saturday, reaching 1868.70, but the move was not sustained. The reversal back below 1800 on Sunday then traded very briefly below 1750, to as low as 1747.15. So, once again $100 seemed to cover the daily price action. The price elasticity has clearly contracted from a couple of weeks ago, when daily ranges of $200 or more were commonplace. Today is has remained below 1800 for the most part following an earlier rise to 1810. The low so far has been set at 1755.85. There is now a clear sideways pennant, or wedge pattern forming on the daily charts. The immediate price points on that are right now at 1754 on the downside and 1810 on the top and that explains perfectly the price range seen so far today. ETHUSD is currently trading at 1790.25 and a break out of this pennant will evolve soon