Ethereum Recovers Losses

Ethereum sold off massively during the height of the market reaction to Russia's invasion. We tested lower levels in the $2K's before rebounding and retracing all of our losses, back to the mid $2K's, at $2651. We do appear to be feeling out a value area between $2556 and $2762. It does look like we may be forming an inverse head and shoulders with a neckline at $2762. If that is the case, we may anticipate a rally back to $2852 or even an attempt for the $3K's again. If not, we could potentially test lows at $2324, but will likely see support before that at $2556, or $2454.