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In our previous Ethereum analysis ETH About To Test This Key Support Again! What Now? we talked about the major support level the ETH price was about to test and why this $1,684 support zone is so important.
Well, that $1,684 support is still holding strong right now! In this Ethereum analysis, we will be talking about the Head and Shoulders pattern that might be in play right now and the bearish price target for Ethereum if this bearish pattern plays out.
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ETH Head and Shoulders Pattern!
The Ethereum price is right now in the final stages of this Head and Shoulders Pattern. The only thing left now is for the ETH price to push below the $1,684 support zone in the 4-hour timeframe.
A bearish breakdown like this below the $1,684 support is the best indication we can get to confirm the start of the Ethereum sell-off back down to the $1,430 price region!
This is a potential -20% drop in the value of Ethereum in the coming days. But for this bearish prediction to play out, we need to see the Ethereum price break through and close below the $1,684 key support zone in the 4-hour timeframe.
The image below is a sample of what a completed Head and Shoulders Pattern should look like.
Final Verdict!
The Ethereum bulls are fighting to stop the potential sell-off about to happen. And the key level they are holding on to is the $1,684 key support in the 4-hour timeframe.
Our Ethereum bearish price prediction can only play out if this $1,684 key support gives way in the coming days. If this $1,684 support continues to hold, there is a very high probability we might see more buyers begin to step back into the market to defend this level.
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