Ethereum: Head and Shoulders Pattern Persists Daily
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Ethereum's Daily Chart: Head and Shoulders Formation
Trader Tardigrade reports that Ethereum's daily chart continues to display a Head and Shoulders formation with a broken neckline at $2390 and an invalidation level at $2776 above.
Analysis by Trader Tardigrade
- Key Points:
- Neckline: $2390
- Breakdown: Confirmed by a daily close below the neckline.
- Invalidation Level: $2776, where a daily close would negate the pattern.
- Current Price: $2426.9
- Technical Indicators:
- Bollinger Bands: Price sits inside bands with upper resistance at $2497.17.
- EMA50 & EMA200: Below $2482.59 and $2542.95, confirming a bearish trend.
- RSI: 44.63 (neutral)
- MACD: Bulish golden cross at -15.63.
ETH Price Chart (Live)
- Chart Type: Hourly candlesticks (96 bars)
- Endpoints: Same as cryptocurrency price pages.
More Ethereum News and Analysis
- Ethereum Trading Signal: Breakdown of Head and Shoulders pattern.
- Technical Analyst: @TATrader_Alan
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