Hey there crypto enthusiasts, it's been a wild ride for cryptocurrencies this week and ETHEREUM is right in the thick of it!
ETH is currently rockin' a DOUBLE-TOP PATTERN that kicked off around January 1st, 2023. The second part of the pattern has formed just below the NECKLINE, but don't despair - a bullish pinbar has popped up and pushed ETH back to that neckline. This means there's a chance we could see a reversal back up to the $1,500 zone.
Now, I may be a conservative trader, but I'm still excited to potentially short ETH at the $1,500 zone. My targets are set at $1,370-$1,350 for TP-1 and $1,200 for TP-2.
Why $1,200 for TP-2, you ask? Well, that's where the longer arm of the M-pattern (H-1) will be achieved as H-2.
Of course, there are no guarantees in trading, but that's just my opinion. So why not give this post a like, follow me, and share your own thoughts on ETH in the comments below?