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.