ETHUSDT
Ethereum is currently trading around the \$2550 level and is forming an inverse head and shoulders pattern on the daily timeframe. This is typically seen as a bullish reversal pattern, especially after a sustained downtrend.
If the price breaks above the neckline and closes with strong volume, it could confirm the pattern and signal a potential move to the upside. This breakout would likely invite bullish momentum and lead to higher price targets in the short to mid term. On the other hand, if Ethereum fails to break the neckline and gets rejected, it may continue to consolidate or revisit lower support areas.
Keep a close watch on the neckline level, price action, and volume — these will be key in validating the potential breakout.
Ethereum is currently trading around the \$2550 level and is forming an inverse head and shoulders pattern on the daily timeframe. This is typically seen as a bullish reversal pattern, especially after a sustained downtrend.
If the price breaks above the neckline and closes with strong volume, it could confirm the pattern and signal a potential move to the upside. This breakout would likely invite bullish momentum and lead to higher price targets in the short to mid term. On the other hand, if Ethereum fails to break the neckline and gets rejected, it may continue to consolidate or revisit lower support areas.
Keep a close watch on the neckline level, price action, and volume — these will be key in validating the potential breakout.
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👉 t.me/cryptobyghazii
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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.