Hello guys!
Currently, Ethereum is trading inside a clear ascending channel and has just formed a potential inverse head & shoulders pattern near the channel’s support. This setup gives us two possible scenarios:
🔹 Scenario 1:
If ETH continues its bullish momentum and breaks above the mid-line of the channel, we could see a strong push toward $5,116, which is also aligned with the channel’s upper boundary.
🔹 Scenario 2:
If ETH fails to hold above the current levels, we may first see a retracement back toward the $4,200 – $4,250 support zone (channel bottom). From there, the price can gather momentum and still aim for the $5,116 target in the bigger picture.
Conclusion:
Both scenarios point toward a bullish bias in the mid-term. The difference lies in whether we get a direct rally (Scenario 1) or a deeper correction before continuation (Scenario 2).
Currently, Ethereum is trading inside a clear ascending channel and has just formed a potential inverse head & shoulders pattern near the channel’s support. This setup gives us two possible scenarios:
🔹 Scenario 1:
If ETH continues its bullish momentum and breaks above the mid-line of the channel, we could see a strong push toward $5,116, which is also aligned with the channel’s upper boundary.
🔹 Scenario 2:
If ETH fails to hold above the current levels, we may first see a retracement back toward the $4,200 – $4,250 support zone (channel bottom). From there, the price can gather momentum and still aim for the $5,116 target in the bigger picture.
Conclusion:
Both scenarios point toward a bullish bias in the mid-term. The difference lies in whether we get a direct rally (Scenario 1) or a deeper correction before continuation (Scenario 2).
Trade active
scenario 2 is running!
Proud ThinkMarkets Ambassador -> Discover & Grow: bit.ly/Think-Markets
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My recommended Exchange -> YEX: bit.ly/YEX-M
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Telegram channel: t.me/melikatrader94
Forex channel: t.me/melikatrader94GoldForex
------
My recommended Exchange -> YEX: bit.ly/YEX-M
------
Telegram channel: t.me/melikatrader94
Forex channel: 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.
Proud ThinkMarkets Ambassador -> Discover & Grow: bit.ly/Think-Markets
------
My recommended Exchange -> YEX: bit.ly/YEX-M
------
Telegram channel: t.me/melikatrader94
Forex channel: t.me/melikatrader94GoldForex
------
My recommended Exchange -> YEX: bit.ly/YEX-M
------
Telegram channel: t.me/melikatrader94
Forex channel: 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.