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In our previous Ethereum analysis Ethereum Forming An Head and Shoulders Pattern! Best Time To Sell? we talked about the bullish reversal pattern the ETH price was forming in the 1-hour timeframe.
For this head and shoulders pattern to be completed, and for our bearish bias to be confirmed on Ethereum, the ETH price will have to break through a key support in the 1-hour timeframe.
This $1,851 key support is still holding strong as of the time of publishing this TA. But for how much longer can the ETH bulls defend this $1,851 support?
In this Ethereum analysis, we will be breaking down the possible price scenarios we might be expecting to see in the coming days.
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Will The Ethereum Price Bounce?
As far as this $1,851 key support continues to hold strong, it is possible for us to see a price bounce in the coming days.
However, even with a price surge like this, we will remain bearish on the ETH price until it takes out the previous highs of $2,030.
A bullish price break of this previous high of $2,030 only invalidates this Head and shoulders pattern reversal and indicates a possibility of a further rally in the coming days.
So How Long Do We Expect This $1,854 Support To Hold?
No one knows for sure. However, what we do know is we will remain bearish on Ethereum as far as the price continues to trade below the previous highs of $2,030.
As far as the Ethereum price continues to trade below this $2,030 key resistance level, there is a very high probability that we might continue to see the bearish pressure on Ethereum continue to build up until the price finally breaks through that last support and begins to head lower.
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