🔥 Ethereum Scouting Higher Low: Will The Trend Hold?

٢٧ يونيو ٢٠٢٢

A couple of days ago I made an analysis on ETH and the inverse head & shoulders pattern that emerged on the chart. The trade has reached the first target flawlessly, but is currently seeing some bearish price action after failing to pull through the $1250 resistance area.

The bullish reversal trend is still intact, so there's no immediate worry for a new move towards $1000 or lower. On the chart I've indicated a yellow Reversal Area. If ETH reaches this area and reverses, the bull-trend is still intact and we can start the move towards >$1250 and possibly even $1500.

However, a move below the right shoulder would indicate that the trend has been broken. In that case, the most likely move would be for ETH to target $1000 or even $900, which would bring us to the head-area.