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The last procedure of Ethereum on the graph for 4 hours has formed a classic and shoulder pattern that opens the possibility of a deeper correction. Re relatively stable period around the region of $ 2,500, ethereum Fracture The level of support as it approached last week to its end. This raises the issue of whether the declining continuation is already in implementation for the price of ETAREUM or if the bulls still have a file They opened fire in the momentumThe new week.
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The head and shoulder pattern was confirmed after the collapse less than $ 2,480
The head and shoulders style, which is one of the most opposite configurations that can be purchased in technical analysis, is now clearly visible on the 4 -hour candlestick scheme in Ethereum. This graph and technical expectations were first Common on the tradingview platform By Melikatrader94. The structure includes a left shoulder, a prominent head of up to $ 2700, and a right shoulder above approximately $ 2,650. The neckline, which was drawn about $ 2,480, was hacked during the last ETHEREUM declining to $ 2,380. This, in turn, is around the short -term look towards the declining side.
After breaking, ethereum Try to restore The lost land is currently using the neck area. This test is about $ 2,500 is important, as the failure to decline above this level will be significantly to verify the health of the declining preparation and causes the price of the ETHEREUM price down towards the next support area.
According to Outlook from Melikatrader94 analyst, the target price of this head and shoulders before any significant recovery occurs can occur between $ 2200 and $ 2,250.
table Photo of TradingView: Melikatrader94
The bulls must restore $ 2,650 to nullify the declining setting
The factors support the area of $ 2200 as a potential drop zone. This level is not only corresponds to the head and shoulder style, but it also corresponds to the request block on May 9 during the ETHEREUM gathering above $ 2000 at the time. This adds more technical importance to a range of $ 2,200 to 2,250 dollars working as a support zone.
However, the situation is Not completely down. The path forward is clear but narrow for Ethereum. The first step to nullify the declining setting is to restore the neckline of about $ 2500 decisively. Beyond that, it returns above the right shoulder level About 2650 dollars will nullify It is likely to play the head and shoulders style, and another pattern is likely to play.
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A successful bullish recovery will not only mix a decreased pattern, but can also refresh feelings to re -test another from $ 2,700 to $ 2800, which corresponds to the height of the head of the recently formed. Until this recovery occurs, the price Ethereum It can be reflected quickly down At any time.
At the time of writing this report, ETHEREUM is traded at $ 2510.
Distinctive image from Unsplash, tradingvief chart
