BTC spiked, people dumped Eth thinking BTC rally was on way. Eth failed to break down all the way. Short squeeze on, as eth proves it won't be dumped just because BTC rally. Big hands now loaded ready to launch.
Didn't draw that it would. But if it makes it up a bit more, its going to start looking like a W pattern, that might set up a nice launch point. Current price action has lots of similarity to previous launch point ~Feb 21
Nicely pulling back to confirm that its made it through the trend line. Prepare for consolidation with spiky dumps over night, launch in the morning when people's wire transfers clear to fund accounts.