ETH Ethereum Head and Shoulders Bearish Chart Pattern

If you haven`t sold Ethereum here:

Then you should know that Ethereum, currently trading at $1841, has formed a head and shoulders pattern, indicating a potential bearish trend. This pattern consists of three peaks, with the middle peak forming the head and the other two forming the shoulders. The neckline, a key support level, must be closely watched as a break below it may trigger a further price decline.

While the target for the head and shoulders pattern suggests a larger drop, attention should also be given to the 200-day moving average support at $1620. This level has historically served as a significant support zone. Traders and investors should monitor Ethereum's price movement closely to gauge whether it reaches this support level.

In summary, the emergence of a head and shoulders pattern in Ethereum signals a bearish sentiment. Traders and investors should exercise caution, closely track the neckline support, and keep an eye on the 200-day moving average as a potential support level.

Looking forward to read your opinion about it.