Ethereum appears to be forming a bear consolidation pattern at the tip of our sloped neckline of the head and shoulders we identified yesterday. We are hanging onto the $3K handle by a thread, but thus far, ETH has stubbornly resisted breaking down. If it does, we are confident in our profit target of $2931. This coincides roughly with our level of $2965, nearby.
Trade closed: stop reached
Ethereum broke out off of the weak dollar due to Powell's dovish comments. We've broken past the second shoulder, so the H&S pattern is invalidated for now.
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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.