Ethereum made a run for the neckline of the head and shoulders pattern we identified earlier. We saw a nice breakdown and subsequently a run for the neckline again, which we predicted would hold and that is exactly what happened. The neckline at $2027 is a strong technical level and can be thought of as a 'make or break'. If ETH was able to break the neckline solidly, then that would be a very bullish sign. The selloff took us back to nearby levels, however, so we could see another bull push. For now it seems like ETH wants to consolidate around the cluster of levels that separate it from our target at $1795.
Note
Ethereum finds support at $1872!! Exactly the level we have identified and one of only 2 in between our H&S projection of $1795!!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.