The most important feature on ETHUSD’s chart is its breakout above the February high around $2,000, followed by a brief retest and tight consolidation pattern. Old resistance appears to be new support.
Second, looking back to recent price action we find a pair of higher lows. Price first held the $1,400 zone that was previous resistance. It next clawed back from a dip below $1,600. That’s a textbook .
Third, has turned positive as ETHUSD powered back above its 50-day and 21-day early last week.
Zooming in on the four-hour intraday chart, we also find a squeeze. Notice how Bandwidth is back near the bottom of its 2021 range around 7 percent. That’s not necessarily , but it could suggest ETHUSD is coiling for a move.
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