Ethereum price is currently set for a potential sell-off in the next few days. The key pattern we are looking at is head and shoulders pattern Currently formed on a 1 hour time frame.
This pattern is a high quality reversal pattern used by professional traders to gauge market trend changes. And for Ethereum, that trend change is a price drop from its current highs.
In this ETH analysis, we talk about the key levels we are currently watching and our bearish forecast for Ethereum in the coming days.
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Ethereum head and shoulders pattern
The Head and Shoulders pattern has a standard trading method. And the image above is how it looks.
For Ethereum to see the completion of the Head and Shoulders pattern and the opening of this sell, the Ethereum price must plunge and break below the neckline support of $1,854.
If this support is lost, we expect the price of ETH to crash towards the $1,730 price level in the coming days.this is potential -7% ETH price drop.
This makes this $1,854 neckline support the most important level ETH bulls need to defend if they want to prevent this bearish move from happening.
Ethereum price is currently forming a bullish reversal pattern on the 1-hour timeframe. This pattern indicates that we may see him sell ETH in the coming days.
But for this sell to be confirmed, Ethereum price needs to break through the critical support on the 1-hour timeframe.This $1,854 neckline support is currently blocking ETH price from falling. It’s the only level.
Therefore, we will be keeping an eye on this important support level over the next few days to see how the ETH price reacts to it.
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https://www.bitcoinsensus.com/ethereum-forming-an-head-and-shoulders-pattern-best-time-to-sell/ Ethereum forming a head and shoulders pattern! When is the best time to sell?