๐ป ETH on the Brink: Classic Reversal Ahead? ๐บ
๐จ Ethereum (ETH/USD) just printing a textbook Head & Shoulders pattern on the 1H chart โ a structure that often signals trend reversal from bullish to bearish.
๐ง Here's the breakdown:
Left Shoulder is clearly established.
The Head rejected sharply from the $2,680โ$2,720 zone (noted supply and imbalance/FVG).
Price action has broken structure (๐ด BOS) and confirmed change of character (CHoCH) โ suggesting the bulls are losing steam.
๐ Whatโs next?
๐ We could see a short-term pullback to the neckline zone (~$2,595), possibly filling a nearby FVG.
๐ If the neckline fails to hold, the measured move target aligns with the $2,420โ$2,360 demand zone (highlighted in blue).
โ๏ธ Further breakdown could test $2,300 support.
๐ Bias: Bearish until bulls reclaim the neckline with conviction. Structure, volume, and FVGs are favoring a downside continuation.
๐งฉ Watch List:
Neckline retest at ~$2,595.
Support reaction at ~$2,420.
Bearish continuation confirmation below $2,360.
๐ฌ Are you trading this pattern or waiting for confirmation? Drop your thoughts โฌ๏ธ
#ETH #ReversalIncoming #CryptoWatchMay2024
$ETH
