Per Ethereum World News’ analysis of the chart, only one of the conditions for a valid double top were met, suggesting that ETH should have the capacity to surge past $290 should bulls step in once again.
Financial Survivalism, the trader who called Bitcoin’s surge to $9,000 at the start of 2020, noted that Ethereum has just “confirmed an inverse head and shoulders” bottoming pattern when it surged yesterday.
The measured move of this bullish chart pattern, marked by a strong trend higher after a bottoming process, is $305 — 8% above the current price of $282.
Not to mention, Ethereum’s market dynamics are purportedly looking relatively bullish with the “average ETH trading volume during the past week [being] four times larger than the average volume for the second half of 2019,” as pointed out by macro analyst and crypto commentator Alex Krüger.
The average $ETH trading volume during the past week has been 4 times larger than the average volume for the second half of 2019. Somebody has been buying a lot of $ETH. pic.twitter.com/haWJ4JO6W0