ETH - Still Battling Legacy Trendline EthereumCRYPTO:ETHUSDVIAQUANTOnce again, ETH's most important battle right now is breaking above the weekly legacy trendline I have been outlining for months. For this specific post I will just touch on the present price action in relation to this crucial level. On July 15th, I outlined how ETH had reached the legacy trendline from the $1,500 double bottom and how this could be the first point where the rally stalls: That was where the first selloff from the trendline occurred. Then, the first glimmer of hope for a genuine breakout arrived when the July 26, 2026 daily candle closed above this legacy trendline. I made a follow up post the next day as price attempted to hold above that level as a new source of demand from buyers: However, price failed to hold above and closed back below, signaling a false breakout with no confirmed close above the level. Since this is a weekly legacy trendline, the weekly prints ultimately matter far more than the daily in relation to this specific level. That said, the data gathered from the daily timeframe around this recent price action has been incredibly informative. Since price confirmed back below the trendline and failed to break out, what has happened next is very important to understand. I have outlined five additional daily candle highs where the wick pushed up toward the weekly legacy trendline and marked the top (red arrows). July 28th, 29th, 30th, August 6th, and most recently August 8th, leading directly into today's selloff. This once again confirms exactly what is most important to watch for ETH right now. As soon as ETH can close multiple dailies, and more importantly the weekly, above this legacy trendline then that will be the moment the rally toward the $2,150 level begins. A Couple Other Things to Watch If price sees a significant selloff from here, watch the trendline outlined in this idea for another test of support: Also keep an eye on the ETH/BTC 200 MA, as price is once again retesting that moving average as support. You can find that related idea here: