For days now, we have been talking about the Ethereum Head and Shoulders Pattern and how this pattern might be an indication of a possible sell-off in price in the coming days ETH Bearish Target For This Head and Shoulders Pattern.

Well, this bearish pattern is still very valid and we believe there is a very high probability that we might see it play out in the coming days. However, for this ETH analysis, we will be taking a much larger view of the market.

We will be breaking down why we think this ETH sell-off might play out and the bigger pattern in play right now.

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 $30,000 Bonus when you fund your Bybit account with our Bybit link

[bybit]

ETH Bigger Picture!

For the Ethereum bigger picture, we are seeing the ETH price trade within a converging pattern in the higher timeframe.

This much larger pattern offers us key levels to watch for and expect the ETH price to test. And right now, we are seeing the ETH price sell-off after testing and failing to break through this much larger resistance.

The sell-off we are seeing play out in the higher timeframe is what we are now tracking as the Head and Shoulders pattern in the lower timeframe.

And the moment the ETH bears can push the Altcoin price below the $1,684 key support, there is a very high probability that we might see a massive sell-off play out in the coming days.

Final Verdict!

We are still very bearish on Ethereum and believe there is a very high probability that we might see a massive sell-off for Ethereum in the coming days.

The key pattern we are watching is the Head and Shoulders pattern currently playing out in the 4-hour timeframe.

What we need to see now is a bearish breakdown below the $1,684 key support. And that is still yet to happen.

[bybit]

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