Ethereum Price Analysis: ETH/USD could explode past $300 on inverted head-and-shoulders pattern

Ethereum is slightly in the red after losing a subtle 0.5% of its value on the day. However, the cryptocurrencies rates and charts signals by FXStreet show that the prevailing trend is bullish amid high volatility levels. An intraday high of $283.25 has been achieved on Wednesday, however, the outlook of the chart remains bullish in the short term.

Inverted head-and-shoulders pattern

The formation of an inverted head and shoulders pattern suggests that more upside action is in the offing. With the right volume and an aligned technical picture, Ether could eventually return to the trajectory eyeing $300. Besides, ETH/USD only needs to conquer the seller congestion zone at $285 to pave the way for the anticipated bullish action.

Meanwhile, Ethereum price is exchanging hands at $281.92 after adjusting from the intraday high. The bulls are working hard to nurture a bullish momentum in the short term range. The 50 SMA on the 1-hour chart is trying to narrow the gap towards the 100 SMA in reflection to the rising buying power. The RSI is relatively high at 62.85, however, still stuck below the overbought region, which means there is still room for growth. A momentum indicator is gradually slopping upwards to show that bulls are gaining traction.

ETH/USD 1-hour chart