$ETH broke out of the descending wedge and bulls have the structure back for now.


The clean move above the wedge ceiling shifts the short-term read away from the June 9 downtrend. I’m watching the retest zone around $1,645–$1,652 closely, since that’s where the old supply needs to flip into support if this move wants to keep going.
There’s also a clear squeeze setup here. A lot of shorts piled in on the way down, and if ETH holds above the broken area and reclaims $1,660 fast, that pressure can unwind quickly. The next major level above is still $1,710, but the breakout needs acceptance first. A close back under the wedge low would weaken this read fast.
ETH0.23%
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