Hello Guys!
What I see:
Current Price Action:
ETH is currently trading near $2,519, attempting to reclaim the broken neckline zone, which now acts as resistance.
The price action is showing lower highs, hinting at weakening bullish momentum.
Bearish Retest in Progress:
The chart shows an anticipated bearish retest of the support-resistance flip zone ($2,530–$2,550), with a probable rejection leading ETH back down toward the $2,440–$2,450 support zone.
Demand Zone:
A strong demand area is visible between $2,420–$2,450. Price may revisit this zone before making the next major move.
Trend Channel:
ETH is moving within an ascending channel, and the lower bound coincides with the highlighted demand zone.
________________________
Let's check this deja vu:
You can see that previously the price formed an H&S and after that did a hunting of the head! And after that price experienced a drop there! Same scenario here!
What I see:
- Head and Shoulders Pattern:
- Left Shoulder: Formed
- Head: Peak, followed by a drop.
- Right Shoulder: Formed.
- The neckline break around $2,450 initiated a downside move, confirming the bearish setup.
Current Price Action:
ETH is currently trading near $2,519, attempting to reclaim the broken neckline zone, which now acts as resistance.
The price action is showing lower highs, hinting at weakening bullish momentum.
Bearish Retest in Progress:
The chart shows an anticipated bearish retest of the support-resistance flip zone ($2,530–$2,550), with a probable rejection leading ETH back down toward the $2,440–$2,450 support zone.
Demand Zone:
A strong demand area is visible between $2,420–$2,450. Price may revisit this zone before making the next major move.
Trend Channel:
ETH is moving within an ascending channel, and the lower bound coincides with the highlighted demand zone.
________________________
Let's check this deja vu:
You can see that previously the price formed an H&S and after that did a hunting of the head! And after that price experienced a drop there! Same scenario here!
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
Related publications
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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
Related publications
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.