Now the intrigue starts. It looks to me that an inverted pattern developed from 7/26 through 7/30, with the right shoulder dip being the perfectly formed descending discussed late that very day. We are now OUT of that inverted and should see 240 as a minimum target from this smaller pattern alone. BUT, it now appears that a larger inverted pattern has developed (the large yellow oval) and THAT pattern, if confirmed should push ETH/USD back to 300.
I have charted the S&P 500 every day with a YouTube video channel for the last seven years. The S&P has exhibited one inverted pattern after another and at least two that I can readily recall had a SMALLER inverted as the HEAD of the larger pattern.
If you do not know what patterns are please let me know and I will provide a link to what makes these things tick and how they are one of the most dependable of all chart patterns.
Just one caveat... it remains to be seen if the ETH/USD chart operates with the same kind of historic tendencies as a major stock index would. So far, in my short time of studying the ETH/USD chart, I would say it does, but with a little more wiggle room than I would expect from the S&P .
What would constitute a breakout from this larger pattern? I would think a solid move over 240 should do the trick.
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