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We have been tracking the ETH Head and Shoulders Pattern now for weeks! Talking about the possible price scenarios, the key levels we are watching, and the likely target for this pattern.
Well, things are about to get heated in the Ethereum market because right now, the ETH price is testing the last major support we need to see give way for this price sell-off to begin.
In this Ethereum analysis, we will be talking about this key support and what we expect to happen in the next coming days.
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ETH $1,800 Key Support!
The most important support right now for the ETH bearish Head and Shoulders Pattern is the $1,800 key support level in the 4-hour timeframe.
This support serves as the Neckline of the Head and Shoulders Pattern and we need to see this key support give way in the coming days for us to start seeing more push to the downside.
If this bearish prediction plays out, there is a very high probability that we might see a potential -15% dump in the value of Ethereum In the coming days.
A sell-off like this could easily push the ETH price down to the $1,462 price region. This is the standard target for the ETH Head and Shoulders Pattern.
Final Verdict!
The Ethereum price is getting ready to make a massive move soon and the key pattern we are tracking is the bearish Head and Shoulders Pattern.
This pattern is currently forming in the 4-hour timeframe and if it plays out, it has the potential to push ETH down more than -15%.
The only key level we are watching right now is the Neckline Support at $1,800.
If this $1,800 support level can give way, this could be the start of a much larger move lower.
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