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In our previous ETH analysis Urgent! The ETH Bulls Must Defend This Key Support At All Cost Or Else! we talked about the major support zone the ETH price was currently testing in the 4-hour timeframe.
This $1,755 key support is very important to Ethereum because if the bulls can defend this zone, there is a very high probability that we might see a massive rally in the Altcoin price in the coming days.
However, before this rally plays out, there is a very high chance we might see one last sell-off for the Ethereum price play out soon.
In this ETH analysis, we will be talking about the Head and Sholders Pattern we are currently tracking in the 4-hour timeframe.
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ETH Head and Shoulders Pattern
We believe the Ethereum price is setting up for one last dump in value, deep into the $1,755 support zone.
The key pattern we are currently tracking for a move like this is the Bearish Head and Shoulders Pattern that is forming right now in the ETH 4-hour timeframe.
We can already see the Left Shoulder already completed, and in the coming days, we will be looking out for the formation of the right shoulder.
Once this Head and Shoulders Pattern is completed, we can expect to see Ethereum sell off aggressively deeper into this $1,755 support zone. How deep the ETH price will sell off into this zone will depend on how well the bulls defend this key support region.
Final Verdict!
The ETH price is testing a major support zone in the 4-hour timeframe. However, the Altcoin is looking like it might be setting up to make one last price dump deep into this support zone before running out of steam.
The key pattern that supports this bearish bias is the ETH Head and Shoulders Pattern currently forming in the 4-hour timeframe.
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