Ethereum formed a reverse head and shoulders pattern, and after breaking above the neckline, it began its upward movement yesterday. The upward pressure persists despite the SEC’s actions against Ethereum. The SEC’s final decision for spot ETF date is in May, and currently, the likelihood of acceptance seems rather low. However, with the current momentum, Ether has sufficient time to revisit its previous high once again.

(ETHUSD 1-H Chart)

After yesterday’s movement, Ether stabilized in an upward triangle pattern, indicating sustained pressure. The upper line of the triangle sits at 3660, with the Fibonacci 61.8% retracement level above at 3692. If these two resistances are breached, Ether could gain momentum. The ultimate target for the reverse head and shoulders combined with previous major resistance is in 4000-4090 zone.

However, as most crypto traders are aware, cryptocurrency markets can change rapidly. If Ether fails to surpass these resistances and falls below the midpoint of March’s retreat, a pullback towards the neckline may ensue. Therefore, the key support to monitor at the moment is 3570.