Ethereum Making Double Bottoms: Looking for retracements

Ethereum after making all-time highs around $4500 touched the bottoms at $1700 this month. The B World Conference and Amazon rumor both pushed the price of Bitcoin and ultimately, Ethereum.

The price of Ethereum closed above $2440 and helped it to break the descending triangle upwards. As we have seen yesterday, after breaking the previous highs at 2185 – 2200 levels, there was an explosive move to the upside on ETH yesterday, reaching almost 2400 – 2430 levels.

We have seen the market take a breather after this rally by seeing a slight sell-off causing a pullback to the previous highs that were broken Ignoring the fact that there were rumors that confirmed Amazon accepting Bitcoin this year and later other coins (speculation that Amazon declared to be false later) we are still on an uptrend. We can see that recovery is going on now, and if we enter again in the channel, we can expect to touch $2400 in a few days.

Source: Tradingview

The Price is still ranging in high liquidity area and forming a double bottom on the 1D frame. Ethereum was in the down-trend before forming the pattern so the expected move of price is in an uptrend if it doesn’t form the Head and Shoulder pattern. The hard fork and Ethereum Halving events hardly pushed the price but still, there is a significant indication of Bullish retracement to previous higher levels.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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