Hello Traders,
Ethereum looks bearish AF here.
A big H + S pattern has formed with a bit of complexity around the right shoulder. Price has breached the neckline which now looks to be acting as resistance.
Even if you don't think this is a H + S, that neckline or major support/resistance line has been broken and price is being rejected to the upside.
The price could make a try for the upside into the pullback zone but I think this is looking bad for ETH.
Bulkowski H + S breakdown target is $46.09 but double check my math and formula as there are a few different examples on thepatternsite and it can be a bit confusing sometimes.
Ethereum looks bearish AF here.
A big H + S pattern has formed with a bit of complexity around the right shoulder. Price has breached the neckline which now looks to be acting as resistance.
Even if you don't think this is a H + S, that neckline or major support/resistance line has been broken and price is being rejected to the upside.
The price could make a try for the upside into the pullback zone but I think this is looking bad for ETH.
Bulkowski H + S breakdown target is $46.09 but double check my math and formula as there are a few different examples on thepatternsite and it can be a bit confusing sometimes.
Note
Every friggin time I post a chart idea I seem to get the scale wrong and it looks bad. Please move the chart around for a better look.Note
A clearer image. Note
From an Elliot Wave perspective this looks bad. Price has retraced into wave 1 territory which makes me think this whole structure is part of a big corrective move. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.