Ethereum Forming An Head and Shoulders Pattern! Best Time To Sell?

3:45 pm, Mon, 15 August 22

Current Ethereum Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
Ethereum Forming An Head and Shoulders Pattern! Best Time To Sell? Watch this key level in the 1-hour timeframe
Ethereum Forming An Head and Shoulders Pattern! Best Time To Sell? Watch this key level in the 1-hour timeframe

The Ethereum price is currently setting up for a potential sell-off in the coming days. The key pattern we are watching is the Head and Shoulders Pattern currently forming in the 1 hour timeframe.

This pattern is a high quality reversal pattern used by professional traders to time a change in the marrket trend. And for Ethereum, that change in trend is price selling off from its current highs.

In this ETH anaysis, we will be talking about the key levels we are currently watching as well as our bearish prediction for Ethereum in the coming days.

To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $4,450 Bonus and up to 30 days of 0% Maker fee when you sign-up and fund your Bybit account with our Bybit link

Claim up to $4450 in Bonus

100x Leverage

Ethereum Head and Shoulders Pattern

The Head and Shoulders pattern has a standard way of being traded. And the image above is what that looks like.

For Ethereum to confirm the completion of the Head and Shouders pattern and the start of this sell-off back down, we need to see the ETH price brake and close below the Neckline support of $1,854.

Once this support gives way, we can expect to see the ETH price crash back down towards the $1,730 price level in the coming days. This is a potential -7% drop in the value of ETH.

This makes this $1,854 Neckline support the most important level the ETH bulls will need to defend if there want to stop this bearish move lower from happening.

Ethereum Forming An Head and Shoulders Pattern! Best Time To Sell? Watch this key level in the 1-hour timeframe
Ethereum Forming An Head and Shoulders Pattern! Best Time To Sell? Watch this key level in the 1-hour timeframe

Final Verdict!

The Ethereum price is currently forming a bullish reversal pattern in the 1-hour timeframe. This pattern indicates that we might see an ETH sell-off in the coming days.

But for this sell-off to be confirmed, the Ethereum price will need to break through a key support in the 1-hour timeframe. This $1,854 Neckline Support is the only level currenly stopping the ETH price from moving lower.

So in the coming days we will be keeping a close eye on this key support level to see how the ETH price will react to it.

Claim up to $4450 in Bonus

100x Leverage

Easy Steps From Beginner To Pro Crypto Trader

You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.

PrimeXBT Covesting: Trade Hassel Free

Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link  PrimeXBT Covesting

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $4450 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $4100 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Claim up to $7000 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: