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In our previous Ethereum analysis Watch This Ethereum Head and Shoulders Pattern! Best Time To Sell? we talked about the Head and Shoulders Pattern that was currently forming in the Ethereum 15 minutes timeframe.
That pattern is still very valid and playing out. However, for that bearish sell-off to be confirmed, the Ethereum price must break through this key Neckline Support.
In this Ethereum analysis, we will be talking about this support as well as what Ethereum is doing right now and what we expect from the Altcoin price in the coming days.
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ETH Head and Shoulders Pattern
We believe the Ethereum price just completed the formation of its Right Shoulder and in the coming days, we should be expecting the price to begin moving lower.
But for this pattern to remain valid, we need to see the ETH price stay below the previous highs (The HEAD of the Head and Shoulder Pattern).
A price break above this $1,358 previous highs invalidates this bearish prediction in Ethereum.
What Next For Ethereum?
As far as the ETH price stays below the $1,358 key resistance created by the previous highs, then there is a very high probability that we might see a bearish sell-off.
If this bearish prediction wants to play out, then there is a very high probability that we might see Ethereum sell-off soon from these levels.
So for now, we will keep a close eye on the ETH 15 minutes price chart to see if this $1,358 resistance will hold.
Final Verdict!
The Ethereum Head and Shoulders Pattern is still playing out. As far as the Ethereum price stays below the $1,358 previous highs, this pattern will remain valid.
If this pattern plays out exactly, there is a very high probability that we might see this Altcoin price sell-off back down to the $1,171 price region in the coming days.
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