Ethereum (ETH) Technical Analysis: Suddenly Surges out of Bearish Pattern, Will it Last?

Ethereum was looking almost certain to break bearish out of a descending triangle pattern earlier this morning, as the asset showed signs of weakening at the consolidation point between the $203 support and a strong downtrending resistance level. Hopes of a late bullish run up to the Devcon iv meetup before the weekend were diminishing and all indicators were suggesting that Ethereum was about to take another dip.

In the last few hours, however, a sudden surge of bullish momentum appeared out of nowhere and carried ETH’s price up $7/ 3.50% in a matter of seconds; allowing it to break free of the bearish pattern that had been holding it down for the last 11 days. This freak wave of support has already started to correct from its peak, but questions still remain unanswered regarding who or what caused this pump and will they strike again today?

The Story Up Until Now

On the 4hr ETH/USD chart, we c…

This article appeared first on Cryptovest

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