🔥 Ethereum Keeps Falling: Head & Shoulders
Since Jan 6th, ETH appears to be in a complete free fall. Investors are dropping ETH and moving their funds mainly to BTC or other alts.
The current bearish trend is strong. However, the 3k level might offer strong support. I'm not expecting this to hold as long as BTC keeps dropping.
In the case we can close the week below 3k, I think there's more pain to come. Target for now would be around $2650, which is the neck line of the head & shoulders pattern. If anything, I'm expecting a bounce from that area. Not sure if we can bounce all the way back to
4K, but some bullish price action is expected nevertheless.
Happy trading!
The current bearish trend is strong. However, the 3k level might offer strong support. I'm not expecting this to hold as long as BTC keeps dropping.
In the case we can close the week below 3k, I think there's more pain to come. Target for now would be around $2650, which is the neck line of the head & shoulders pattern. If anything, I'm expecting a bounce from that area. Not sure if we can bounce all the way back to
4K, but some bullish price action is expected nevertheless.Happy trading!
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