Blue line- neckline support
In previous posts we warned traders that Ethereum was most probably forming a head and shoulders bearish pattern and a break below $1,500-$1,450 would accelerate selling and provide a new bearish signal. Over the weekend price has clearly broken, back tested and got rejected at the blue neckline. This was once support and is now key resistance. Price is now under pressure and we are looking for a move lower towards $1,000. The head and shoulders pattern target is at $850. However our first target and next important support is at $1,200-$1,180. Short-term trend remains bearish.
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Relevance up to 08:00 2022-09-20 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
