DrDovetail

ethusd may be following maticusd's lead

KRAKEN:ETHUSD   Ethereum
ethusd is also in a bit of an inv h&s that it has also broken above...it isn't quite as high above the neckline as matic is though so it currently has somewhat less probability of validating the breakout as maticusd does. Eth's pattern probably also could qualify as an adam an eve double bottom. Should ethusd's pattern get validated it could reach a target of 3.7k which wouldn't create a new all time high unlike matic which will create a new all time high by reaching the measured move...as with any pattern that forms on as small of a time frame as the 1 hour chart however we must remember that patterns on this small of a time frame get invalidated all the time so even though price action is currently above the neckline its still fairly easy for it to dump back below before reaching the target since it is on such a small time frame. For that reason I will list this idea as neutral.
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