ETH/USD - Possible head and shoulders forming

Ethereum has had an incredible run since it bottomed out back in April. It is now correcting, with a possible head and shoulders structure almost completed.

A head and shoulders is a trend reversal pattern. The uptrend, partially denoted by the yellow trend line, culminates in the head region, after which it begins a downtrend.

The conventional way of trading the H&S pattern is to take the price difference between the apex of the head to the neckline, and subtract it from the price of the neckline. Coincidentally, this price target falls right on the .786 fib retracement level. It is here where we could possibly see the end of ETH's retracement.

This would be a perfect H&S if it had the more typical volume signature associated with H&S. Because of this, another price target to keep an eye on is 660, which is the .382 fib retracement level, a strong horizontal resistance and the potential bottom of the right shoulder

not financial advice

Komen:

Price reached 661 and currently facing staunch resistance. This is coinciding with BTC price hitting 8000, a strong horizontal and psychological support.

Keep an eye on both BTC and ETH and see what BTC is doing. Possible trend reversal for both coins, but it is still unlikely imo, and i think the there is still a ways down to go. There are no buyers. As stated before, 661 would be the end of the H&S structure, which is bearish