Ethereum (CRYPTO: ETH) was trading over 4% higher on Wednesday heading into Fed Chair Jerome Powell’s Brookings Institution speech.
After Powell suggested the central bank could begin easing back on its interest rate hikes starting as early as next month, the S&P 500 jumped about 2% and Ethereum began to climb higher in unison, to trade up over 6% from Tuesday’s 24-hour closing price.
Ethereum’s jump higher confirmed the crypto is now trading in an uptrend pattern. The reversal into the uptrend was signaled on Nov. 21 and Nov. 22, when Ethereum printed a double bottom pattern at $1,081, which Benzinga called out on Nov. 23.
The double bottom pattern was also printed above a long-term descending trendline from which …
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