Ethereum has been in a corrective path as the rest of the market. Nevertheless bears are losing power and a new bull run is just starting. Same patterns can be found in several cripto currencies such as Bitcoin or Ethereum. Last few days a well-known pattern was taking shape, a Shoulder-Head-Shoulder. Even so, the prices is enclosed in a channel (delimited by purple lines in the picture) and I was wondering if the price could overcome this top channel. It seems like the prices is breaking this line a the S-H-S pattern could be easily achive:
If we zoom in a 4h chart, we can see this behavior more precisely:
Price is locating above the 200 exponential moving average (green line) which is quite good since now it is going to act as a resistance.
In order to confirm this trend change I would consider to wait until the price re-test the top channel (purple line) and if it does not break it down it would be a good chance to enter this market and buy some eth.
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THIS IS NOT FINANCIAL ADVICE, BE SURE TO ALWAYS MAKE YOUR DUE DILIGENCE. Investment in risk markets such as cryptocurrencies and other assets can lead to losses of money