Cryptocurrencies are recovering from a recent pullback today. Gains range from +1.4% in case of BITCOINCASH to +7.0% in case of BINANCECOIN. Bigger and more popular cryptocurrencies, like Bitcoin or Ethereum, also gain with the former approaching $44,000 and the latter breaking above $3,000. While the recovery move started yesterday in the evening, rally accelerated this morning after reports on potential Russia-Ukraine de-escalation with Russian troops returning to bases.
Taking a look at the ETHEREUM chart, we can see that the cryptocurrency managed to break above the downward channel in which it traded since mid-December 2021. A retest of the upper limit of the channel later took place, which resulted in a potential inverse head and shoulders pattern surfacing on H4 interval. Where price manages to break above the neckline of the pattern or not will be crucial for future moves. A textbook range of the pattern was marked with a green box on the chart. On the other hand, a drop back into the range of the channel would invalidate the bullish scenario.
Source: xStation5
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