Ethereum appears to be forming a bear consolidation pattern at the tip of our sloped neckline of the head and shoulders we identified yesterday. We are hanging onto the $3K handle by a thread, but thus far, ETH has stubbornly resisted breaking down. If it does, we are confident in our profit target of $2931. This coincides roughly with our level of $2965, nearby.
Trade closed: stop reached:
Ethereum broke out off of the weak dollar due to Powell's dovish comments. We've broken past the second shoulder, so the H&S pattern is invalidated for now.
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