ETH - Today's Close Could Signal Next Expansion EthereumCRYPTO:ETHUSDVIAQUANTLooking at Ethereum, there is currently a major development unfolding. There are still about 6 hours until the close, so anything can happen, but I wanted to outline the current scenario so you are prepared for it. First, review my last idea: If you have been following me for a while, you will know the emphasis I have been placing on the "weekly legacy trendline". Even the daily candles have been proving this to be a very significant level for Ethereum. When I made that last post on July 15th, I pointed out how this level would be difficult to break above and would likely see a rejection first. Over the next 2 days, ETH dropped over 6% from the daily close below the legacy trendline. Then again on July 20th and 21st, ETH closed 2 more daily candles right below the legacy trendline, and over the following 2 days ETH saw another 4% decline from that close. But now things get interesting. ETH closed the first weekly candle back above this legacy trendline since the weekly close on May 18th. This is the first reclaim of this critical trend for ETH, and it supports the daily outlook I have been building. Based on the selloff that occurred today, this could be the retest before the expansion phase begins toward $2,060 to $2,150. That is exactly why today's close is so crucial. Just as the two prior periods of daily closes below the legacy trendline led to selloffs, this could be the first time price closes a daily candle above the trendline, signaling a pump in price rather than the selloffs we have been seeing, due to this reclaim. Today's and tomorrow's candle closes are going to be extremely important. In addition to today closing above the trendline, we need to see tomorrow confirm it as well, so this does not become a fakeout. The main reason for this caution is the RSI. A slight bearish divergence is forming, and trend momentum is not yet at the point needed to fully support the expansion move. As soon as the daily RSI breaks above 67 (red line), it is likely to push further toward overbought conditions, and that should help fuel the rally toward the upside target mentioned above.