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Ethereum Put in a W Bottom but Nothing's Really Changed, Yet.

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@scaredycatguide
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Ethereum bounced off recent support for a second time and coupled with the rally the past week has created a W bottoming pattern.

However, it really hasn't changed much in regard to price action as it still sits within a range it has been in since mid-May.

When Breakout?

Looking at the chart you an see after bouncing off the 1,750 level twice now that price has looked to form a double bottom. Taking out the 2,350 level was the first milestone for the buyers.

The next step is the resistance at the top of the range sitting there around 2,900. Once that is breached then ethereum is really in business.

However, I don't want to discount what has already happened, being that price is putting in a high right now that is higher than that 2,350 high and it stopped putting in lower lows.

Those are first steps in potentially working into an uptrend. If this little pullback the past 48 hours holds above 2,350 and then pushes higher we are seeing positive price action for a run to the top of the range at 2,900 atleast.

As always, time will tell.

Posted Using LeoFinance Beta