Ethereum Juggles Flaming Chainsaws — Uphill on A Unicycle (ETH)
Hi friends! Welcome to this update analysis on Ethereum! Let's get right to it. Looking at the four hour chart, you can see that ETH appears to be building a small inverse head and shoulders pattern. Ethereum fell earlier today, but you can see that it has formed a weak bullish crossover on the MACD, and a small hammer candle is being printed as I write this. The volume is primarily red, as the sellers have maintained control since ETH fell from the small head and shoulders pattern above.
Eeth could be gearing up for a little reversal here. If the inverse head and shoulders pattern fully materializes, it could propel ETH up through the 50 EMA (in orange) and the 61.8% retrace. You can see that the 200 EMA (in purple) is just above that, followed by the top of the downtrend channel, so if a reversal emerges, perhaps ETH will finally test the top of the downtrend channel.
On the other hand, you can see that there is a rising black trendline on the chart, which could potentially be the neckline of a big head and shoulders pattern. However, I don't want to worry too much unless it develops more. For now, let's see if this little inverse produces some upside. If it breaks to the downside, and ETH starts to take out the black neckline and the maroon trendline at 769, then look out below. It could fall as low as 600, or even lower. That would actually be extremely bearish. Stay on guard people. We'll see if this little inverse head and shoulders can save the day. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
Eeth could be gearing up for a little reversal here. If the inverse head and shoulders pattern fully materializes, it could propel ETH up through the 50 EMA (in orange) and the 61.8% retrace. You can see that the 200 EMA (in purple) is just above that, followed by the top of the downtrend channel, so if a reversal emerges, perhaps ETH will finally test the top of the downtrend channel.
On the other hand, you can see that there is a rising black trendline on the chart, which could potentially be the neckline of a big head and shoulders pattern. However, I don't want to worry too much unless it develops more. For now, let's see if this little inverse produces some upside. If it breaks to the downside, and ETH starts to take out the black neckline and the maroon trendline at 769, then look out below. It could fall as low as 600, or even lower. That would actually be extremely bearish. Stay on guard people. We'll see if this little inverse head and shoulders can save the day. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-