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In our previous Ethereum analysis Urgent! This Could Be The Final Move For The ETH Head and Shoulders Pattern We identified the potential Head and Shoulders Pattern that was forming in the 4-hour timeframe and broke down what we needed to see happen in the coming days to confirm the start of the Altcoin price sell-off.
Well, that bearish Head and Shoulders Pattern is still playing out exactly! However, in this Ethereum analysis, we will be breaking the invalidation point the ETH bears need to protect at all costs if they want to see this ETH sell-off play out in the coming days.
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ETH $2,152 Invalidation Point!
The invalidation point for this bearish Head and Shoulders Pattern currently playing out in the 4-hour timeframe is the $2,152 previous highs!
For the Ethereum price to remain bearish and for this Head and Shoulders pattern to remain valid, we need to see the Ethereum bears continue to defend this $2,152 price level at all costs.
A bullish price break above this $2,152 resistance level in the 4-hour timeframe only means a possible change in the direction of the Ethereum market from bearish to bullish.
In the coming days, we will be keeping a close eye on this $2,152 key resistance level to see if the ETH bears can continue to defend it.
Final Verdict!
For now, we are still bearish on Ethereum and believe there is a very high probability for us to see an ETH sell-off play out in the coming days.
The key pattern we are tracking to support this bearish bias is the Head and Shoulders Pattern currently playing out in the 4-hour timeframe.
This bearish pattern will continue to remain valid as far as the ETH price respects and continues to trade below the $2,152 key resistance in the 4-hour timeframe.
If the Ethereum price breaks above this previous high, this would create a higher-high price action and mean the end of the bearish bias for Ethereum.
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