Ethereum is forming a head and shoulders pattern following bitcoin [that has formed a double top pattern on the daily chart]
There is also a double bottom on the 1h chart, this double bottom drags the price to $403 - $416 which is the range of left shoulder of the pattern, In other words, it forms the right shoulder if it rejects this range.
There is also a double bottom on the 1h chart, this double bottom drags the price to $403 - $416 which is the range of left shoulder of the pattern, In other words, it forms the right shoulder if it rejects this range.
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The price has just hit a higher price than expected but it still can be considered as a head and shoulders pattern and the right shoulder's high just touched in my opinion because Ethereum made a higher growth in comparison with Bitcoin which is the market maker so it will have a bigger pull back too [if it does].IF the price pulls back to $380 the pattern will be completed and the lower prices are expected to be seen
Nota
Updated chart
Analyses are NOT financial advice; DYOR
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Analyses are NOT financial advice; DYOR
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.