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In our previous Ethereum analysis Must Read! Potential Head and Shoulders Pattern Forming on ETH! we talked about the important Head and Shoulders Pattern forming right now in the 4-hour timeframe and what it might mean for the ETH bulls.
Well, that pattern is still valid and is still in development. However, this key bearish pattern is forming at a major support level that has been respected since 2022!
The combination of this Head and Shoulders Pattern and the $1,668 support region offers a clear picture of the key levels to watch and what we can expect next from Ethereum in the coming days.
In this Ethereum analysis, we will be breaking that all down and more!
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ETH $1,668 Major Support Level!
The Ethereum $1,668 key level has played a major role in the ETH price since 2022!
Over the years. we have seen this $1,668 key-level act as support and resistance in the past. And right now the Ethereum price is not only testing it again but also forming a Head and Shoulders Pattern at this key level.
This head and Shoulders is a bearish indication for Ethereum but it is still not completed yet. For us to get that sell confirmation, we need to see the Ethereum price break through and close below this $1,668 key support in the 4-hour timeframe.
A bearish break below this $1,668 key support confirms that the bears are in full control of the market and we can expect to see the ETH price continue to push lower in the coming days.
Final Verdict!
We believe the Ethereum price is in a bearish trend! However, the Altcoin price is currently testing a major support zone in the 4-hour timeframe.
The Ethereum price is also forming a bearish Head and Shoulders Pattern on this $1,668 key support in the 4-hour timeframe.
If the bears can break through this key support, this would be a confirmation for us to expect more Ethereum price sell-off in the coming days.
But this breakdown is still yet to occur so for now, we stand aside and continue to wait for that bearish move.
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