As the chart indicates, there might be a head and shoulder pattern playing out for ETH. The horizontal neckline could be discussed, but if drawn like this the calculated price target (subtract difference between top of head and neckline from outbreak neckline) coincides with a big support/resistance
level at approximately 2euro.
on the right shoulder dropped, suggesting that we are actually dealing with a head and shoulder pattern.
Price broke the neckline and retested it, also retesting the upside of the falling wedge
.The falling wedge
is a bullish
signal though and I suppose its resolution will determine if the head and shoulders
plays out or if we go up instead.