๐ฅ Ethereum Potential Bullish Head & Shoulders Pattern Ahead
ETH has been following the latest bearish move of BTC. For a couple of times in the last few days, ETH has failed to breach the $2900 resistance and bounced off from it.
When we draw lines between the latest local highs and lows of ETH we can see that a Head & Shoulders pattern is emerging.
Clearly, the pattern is not finished yet. However, it might shine some light on where ETH might potentially go in the near future. Also, it highlights the key support and resistance areas in the near future.
Naturally, this pattern is tied to the performance of Bitcoin. If Bitcoin suddenly falls ETH will follow, keep that in mind.
My outlook for the next 24 hours is quite bearish. If ETH were to follow the pattern, we should see another decline fairly soon. Main support area will be $2200. In case ETH will bounce we might see another push towards $2900. In case we fail, the next step will be $1850. Adjust your strategies accordingly.
Happy trading!
When we draw lines between the latest local highs and lows of ETH we can see that a Head & Shoulders pattern is emerging.
Clearly, the pattern is not finished yet. However, it might shine some light on where ETH might potentially go in the near future. Also, it highlights the key support and resistance areas in the near future.
Naturally, this pattern is tied to the performance of Bitcoin. If Bitcoin suddenly falls ETH will follow, keep that in mind.
My outlook for the next 24 hours is quite bearish. If ETH were to follow the pattern, we should see another decline fairly soon. Main support area will be $2200. In case ETH will bounce we might see another push towards $2900. In case we fail, the next step will be $1850. Adjust your strategies accordingly.
Happy trading!
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