Notice this recent shakeout on the chart, this is a major move and surely removes lots of over leveraged positions. It also traps the bears, a bear-trap.
If this move continued lower it would be bad news but the 1H candle ended with a long lower wick, producing a hammer which is a reversal signal. This candle produced the lowest price since 9-May, 9 days ago, and the current candle is green, this tells us that a shakeout is confirmed.
The bearish move is a failed signal so the next move is up. With a very small bullish continuation, the current candle closing at current price or higher, it is confirmed ETHUSDT to continue rising.
(If the current candle were to close red and lower this would be a bearish confirmation.)
Short-term bullish structure intact. It is normal to see the market shaking before a major move. Remember, Bitcoin is about to close its 6th consecutive week green, the most bullish development of the decade. This affects Ethereum of course and the entire Cryptocurrency market.
Namaste.
