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The Ethereum price is currently forming what seems to be a massive Head and Shoulders Pattern in the 4-hour timeframe. This pattern is still forming right now and is not yet confirmed! However, if this pattern plays out, this could mean a massive bearish sell-off coming for this Altcoin in the coming days.
In this Ethereum analysis, we will be breaking down this key pattern as well as the key levels we are currently watching right now in the 4-hour timeframe.
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Is Ethereum Getting Ready To Sell Off?
The Head and Shoulders Pattern is a bearish reversal pattern that helps professional traders time market reversals in real-time. By forming right now in Ethereum, it means that there is a very high likelihood that we might be seeing a massive sell-off getting ready to play out in the ETH price chart.
But for this sell-off to be confirmed, we need to see the Right Shoulder of this pattern form. And in the coming days, we will be keeping a close eye on this 4-hour key partern to see if it forms completely.
Final Verdict!
The Ethereum price is currently forming a massive bearish pattern in the 4-hour timeframe. This Head and Shoulders Pattern indicates there is a very high likelihood for us to see more sell-off for this Altcoin price.
However, for this bearish bias to be confirmed, we need to see this Head and Shoulders Pattern completed. Right now, the rice is still trying to form the Right Shoulder.
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