Ethereum Could Form a Massively Bullish Pattern if Bulls Defend Key Level

Ep917EAXAAYdpUv 980x480

Ethereum saw an incredibly intense decline yesterday that sent its price plunging to fresh multi-week lows This selloff came about in tandem with the flash crash seen by the entire altcoin market, which may have come about due to XRP’s 50%+ one-day decline Other major altcoins – like Chainlink – posted massive losses that resulted in deep downwards wicks on their candle charts, likely due to on-chain short liquidations ETH is now in the process of recovering from these lows, and it is currently attempting to break back above $600 Whether it can climb higher could determine if it can post an extremely bullish inverse head and shoulders pattern on its weekly chart One analyst notes that a confirmation of this pattern could allow for it to see some extremely bullish price action in 2021 Ethereum’s price action has been rather lackluster as of late, with the cryptocurrency being unable…

Read the original article here