Ethereum market update: ETH/USD impending double-top pattern reaction post end-week surge

  • Ethereum poised for a move towards $300 amid a bullish crypto market.
  • Technically the path of least resistance is to the upside in the near-term.

Ethereum followed in the footsteps of Bitcoin amid the end-week surge. Bitcoin revamped the recovery on Thursday breaking above $9,500. This encouraged the bulls who increased their entries sending BTC above $9,800 for the first time this year. Ethereum bulls poked by Bitcoin’s recovery retuned gun blazing and propelled the price above the recent hurdle at $280.

Extended gains above $280 came close to trading at $290 but formed a weekly high at $288.91. The failure to break out further to the north is forming a double-top pattern whose reaction could lead to a reversal under $280 and even test the key support. Within the formation of this pattern, a heads and shoulders pattern is forming. This continuation pattern is likely to push Ethereum closer to $300.

Technically, Ethereum bulls are still controlling the price action, especially with the Relative Strength Index (RSI) moving sideways in the overbought while the Moving Average Convergence Divergence (MACD) divergence increasing to show that the path of least resistance is to the upside in the coming sessions on Friday.

ETH/USD 1-h chart

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