Ethereum Technical Analysis for 04/09/16 – Head and Shoulders

Last week we identified a possible Head and Shoulder Pattern on Ethereum, which is a bearish pattern. You can revisit that post here.

Since then the lack of volatility across all cryptocurrencies put me to sleep and I haven’t had much to write about.

So now with a little volatily in Ethereum we can revisit price action. See below updated chart.

Ethereum Price Action – invalidated Head and Shoulders

Related Post

That is either the ugliest head and shoulder pattern or it isn’t a head and shoulder pattern. I will go with the latter. If you look at the left shoulder it should be symmetrical to the right shoulder (it doesn’t need to be perfect of course). I drew the green bars on the chart to illustrate where the shoulders should be. The blue arrow is where support was, that was on the chart last week as well, so I must be doing something right ! In any case the bulls managed to invalidate the bearish Head and Shoulders pattern by keeping the price above $10. I highlighted this with a simple green x. This suggest we could now be looking for a smaller correction (unless we just start dumping).

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Disclaimer: This is not trading or investment advice.

Matthew22

Share
Published by
Matthew22

Recent Posts

Top 5 DeFi Coins to Watch for 2022

The DeFi sector of cryptocurrency is valued at over $168 billion, with over $10 billion…

2 hours ago

AMC CEO Announces Plans to Accept Shiba Inu via Bitpay in the Next 2-3 Months

In a twitter post yesterday, Adam Aron, CEO of AMC Theaters, announced the company's plans…

6 hours ago

Loopring and Gamestop – What Is Up with These Two?

Loopring and Gamestop are two entities that, at first glance, seem very different. One is…

7 hours ago

The Safest Methods to Deposit into Online Gambling Accounts

The rise of online betting is plagued with inevitable setbacks. One of which is the…

7 hours ago

GenshinShibInu Price Up Over 3000% After PancakeSwap Listing

GenshinShibInu (GSHIB) is the latest meme coin that gained over 3000% in the past 24…

7 hours ago

Top 5 Hottest Metaverse Projects Right Now

As the Metaverse trend picks up, we see more and more emerging projects entering the…

9 hours ago

This website uses cookies.