05.09.202222:14 Forex Analysis & Reviews: Is Ethereum forming a head and shoulders pattern in the short-term?

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Blue line-neckline

Red lines- shoulders

Ethereum price is trading around $1,590. Price has held support at $1,445 and bulls try to push price higher towards the first important resistance at $1,720. In the short-term we observe a potential head and shoulders pattern with the recent low defining the important neckline support. This neckline support is key support for the short-term and found at $1,420. A beak below this level will activate the pattern and provide a bearish signal. The head and shoulders pattern target is at $840. Currently we support price is forming the right hand shoulder. The neck line is the line of defense for bulls.

Alexandros Yfantis
Analytical expert of InstaForex
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