Is Ethereum Primed for a Big Move Higher? Compelling Technical Update to Read NOW!

Conspicuously, most major cryptocurrency and blockchain assets, including altcoins like Steem, are charging higher on a concerted mission to recover their June highs. However, one cryptocurrency has yet to hit its stride -- ethereum.

Don't get me wrong: ethereum enjoyed a massive surge since hitting the $160 low (and probably bottom). But this is a blockchain asset that once secured the $400 mark. Among the major cryptocurrency coins, ethereum has the most work to do.

That shouldn't discourage those investing in the number two blockchain asset, though. Here are two metrics to which you must pay attention:

Trading Variance

Since June 1, the variance between session highs and the close averages 5.4%. That's a pretty hefty variance, which suggests that traders are generally more shaky with ethereum as compared to bitcoin.

The "purple cryptocurrency" got quite volatile in the middle portion of July, with variance shooting up to double-digits. However, over the last three sessions, the ethereum trading variance hit 4%. That is indicative of bullish investors regaining control of this market.

Technical Bullishness

Since hitting a likely bottom on July 16, ethereum has charted what could be a bullish pennant formation. If so, ethereum is primed to become one of the most explosively-moving coin within the major blockchain markets.

The risk is that without additional trading support, the pennant could turn into a bearish pennant; caution is advised here.