After returning to $400 overnight ETH continues to climb higher, currently sitting at $412.
The hourly chart looks really encouraging – to me this provides support to the theory that the “sell side” running out of steam. I think bears wanted one more push downwards but it may have been rejected.
This could very well be the “movement starting a few days before expected” scenario, where we did hit bottom last week.
I expect more turbulence tonight and tomorrow before a real breakout starts late in the week.
Edit – check out the ETH/BTC ratio, another bullish indicator