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The Ethereum price is currently forming a key Head and Shoulders Pattern in the 15 minutes timeframe. This pattern is a reversal pattern and therefore indicates we might see a quick sell-off for the ETH price very soon!
In this Ethereum analysis, we will be talking about the key levels we are currently watching as well as our targets for this coming sell-off.
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Ethereum Head and Shoulders Pattern
The Head and Shoulders Pattern has a standard way of trading it as well as a standard target we can aim for.
For our entry, we want to see the ETH price break and close below the Neckline Support in the 15 minutes timeframe. A bearish breakdown like this would be the perfect confirmation we need to indicate the start of the sell-off for Ethereum.
Unless this key Neckline Support is broken, we will stand aside and wait for this bearish confirmation to play out.
Ethereum Bearish Target!
The bearish target for this Head and Shoulders pattern currently forming in the ETH 15 minutes timeframe is the $1,171 price region. We expect to see the ETH price sell-off down to this region in the coming days.
However, for this bearish bias to be confirmed, we need to see the ETH price break and close below the Neckline Support.
Once this support is broken, we can expect to see the push lower begin.
Final Verdict!
The Ethereum price is currently setting up for a potential sell-off back down to the $1,171 price region. The key pattern that confirms this bearish bias in Ethereum is the Head and Shoulders pattern currently forming in the 15 minutes time frame.
If this pattern plays out exactly, we can expect to see this sell-off in ETH start soon!
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