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
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).
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Disclaimer: This is not trading or investment advice.
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