After bottoming at $450 last Wednesday Ethereum has been clawing higher. It is worth noting that there are positive technical signs beginning to form in Ether as the June 13th low did not make a lower low in RSI compared to the May 28th low at $492:
ETH/USD (Daily )
A move up above $565 would be highly constructive and potentially set in motion a breakout from a bullish falling wedge pattern. One can also make out a head & shoulders bottom pattern with a slanted neckline (I much prefer flat necklines in H&S patterns).
The most interesting aspect of Ethereum (and crypto in general) is that we are seeing some subtle positive signs while sentiment remains firmly in the basement. Some additional upside price momentum combined with more constructive technical signs could generate a positive mean reversion in sentiment. However, even in this scenario we are likely to still be a long way from the frothy days of December and January.
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