Head-and-shoulder formation on Ethereum 💡

Ethereum quotes have been moving recently without a clear direction. Looking technically at the D1 interval, one can see a broad head-and-shoulders formation. The first attempt to break below the neckline of the aforementioned formation took place on January 13, but it eventually failed and a rebound took place. However, the price failed to return above the resistance at $3500 and the initiative was again taken by supply. Currently, we are seeing a renewed descent below support at $3090. If we do not see a rebound by the end of the day, the breakthrough of the support at the neckline of the formation will become a fact, and consequently, according to the classic assumptions of technical analysis - the trend will change to a downtrend. If such a scenario is realized, the zones at $2825 and $2710 should be considered as the nearest support. Their breakthrough could, in turn, pave the way even towards the recent lows at $2215. On the other hand, in order to think about an upward scenario, the price would have to permanently pierce the resistance at the $3500 level.

Ethereum D1 interval. Source: xStation5

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Technical analysis

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Head-and-shoulder formation on Ethereum 💡

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