Ethereum Recovers From Drop Below $3,000: Analyst Points At 2021 Rally Similarities

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Ethereum Recovers From Drop Below $3,000: Analyst Points At 2021 Rally Similarities - NewsBTC

Quick Summary:

Daan Crypto Traders highlighted ETH’s historical performance during the start of the year, stating that "the percentages ETH does within its first few weeks of the year are pretty crazy.” Related Reading: Ethereum Price Tests Limits: Can It Conquer the Uphill Task?

Crypto investor Miky Bull considers ETH’s recent performance the "perfect setup for a massive reversal.” The trader noted this could be the reversal that leads to a breakout from Ethereum’s inverse head and shoulders pattern.

The second-largest cryptocurrency by market capitalization has been forming a multi-month inverse head and shoulder pattern, as noted by several analysts, with its left shoulder formed around the $2,800 price range.