ETH/USD Daily Chart (Coinbase) – Source: TradingView

Traders who expected that these rising tensions between the U.S. and Iran could lead to a market meltdown are now in danger as the price could climb higher and blow up their stop-loss orders.

That said, it is still quite early to tell if this recovery implies a change in the trend from downtrend to uptrend as ETH is trading below its short-term and long-term exponential moving averages (EMAs) at the time.

Meanwhile, the Relative Strength Index (RSI) has not shown signs of a recovery yet as it is still hovering below its 14-day moving average. These bearish indicators are still not confirming a change in ETH’s trend.

The $2,750 resistance stands as the most relevant resistance to watch at the time. A break above this marker would increase the odds of an upcoming push to $3,000 to finally reach the target we have shared in a previous Ethereum price prediction.

Inverse H&S Breakout Would Confirm Bullish Outlook

Heading to the lower time frame, we can identify what seems to be an inverse head and shoulders pattern that could confirm ETH’s bullish outlook in the near term.

The pattern’s neckline stands at $2,450. A move above this level will trigger the signal but a retest and bounce off this level will confirm the pattern’s bullish bias.