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This Technical Pattern Suggests Ethereum Is Gearing For Another Lift-Off

Ethereum is trading nicely above the $162 and $158 support levels, similar to bitcoin above $8,500. ETH price is likely forming an inverse head and shoulders pattern, suggesting a fresh increase.
  • Ether price is currently consolidating above the $162 support area against the US Dollar.

  • Bitcoin price is finding a strong buying interest above the $8,500 support area.

  • There is a key bearish trend line forming with resistance near $170 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could rally if it clears the $168 and $170 resistance levels in the near term.
Ethereum Forming Bullish Breakout Pattern
Recently, we saw a downside correction in Ethereum from the $180 resistance area against the US Dollar. ETH price corrected lower below the $170 and $166 support levels.
Moreover, there was a close below the $170 level and the 100 hourly simple moving average. Finally, there was a spike below the $162 support,

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