Ethereum Price Prediction Daily (10-May): Watch This Invalidation Point For This Bearish Pattern

5:19 pm, Wed, 10 May 23

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Ethereum Price Prediction Daily (09-May)
Ethereum price prediction from a previous analysis Urgent! ETH Sell-Off About To Begin! Get Ready

In our previous Ethereum analysis Urgent! ETH Sell-Off About To Begin! Get Ready we talked about

  • The bearish Head and Shoulders Pattern forming right now
  • The key level we need to see the ETH price break through to confirm the start of the sell-off
  • And the likely bearish target we expect to see play out.

Since publishing that TA, we have seen the ETH bears continue to battle with this $1,800 key support level in the 4-hour timeframe and failed to break through it.

This means for now, we will continue to stand aside and wait to see bearish momentum come into the market and push the Altcoin below this $1,800 support.

However, for this ETH TA, we will be talking about the invalidation point for this Head and Shoulders Pattern and what the ETH bulls must do to stop any further sell-off in this market.

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Invalidation Point For This Pattern

Watch This Invalidation Point For This Bearish Pattern. ETH price prediction in the 4-hour timeframe
Watch This Invalidation Point For This Bearish Pattern. ETH price prediction in the 4-hour timeframe

For us to remain bearish and for this Head and Shoulders Pattern to remain valid, we need to see the ETH price respect a key resistance level in the 4-hour timeframe.

This resistance level is the $2,019 previous high.

If the Ethereum price breaks above this $2,019 (previous highs now turned new resistance level) this would create a bullish price structure that invalidates our bearish bias and points to a high chance for us to see Ethereum begin to push back up.

So What Now?

We are still very bearish on Ethereum and believe the sell-off is coming. The key pattern we are waiting to take advantage of is the Head and Shoulders Pattern playing out in the 4-hour timeframe.

However, for this bearish pattern to remain valid, we need to see the Altcoin price continue to respect and trade below the $2,019 key resistance level in the 4-hour timeframe.

This $2,019 resistance is the invalidation point for our bearish pattern and may indicate a change in trend.

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