Of most of the major altcoins, ETH has been extremely weak, and this is unfortunate because it is a strong project. However, I think it will be catching up with some of the other major cryptos.
For ETH there are three possible patterns occurring right here: a bull flag, a bullish rectangle, or a head and shoulder top.
A Bull Flag or a Bullish Rectangle:
These patterns are bot similar, however, if it is a bullish rectangle, the price objective wouldn't be as high as it would be with a bull flag because the price objective of the rectangle is measure by the height of the rectangle, whereas the price objective of the flag is measured through the pole. It is possible that this is a flag, however, since the upper and lower trendlines are not downwards sloping, I suspect that this is a bullish rectangle. If this does turn out to be a bull flag, there will be a strong drive to extreme heights.
Head and shoulder top:
For me to say that this is a head and shoulder top, I would like to see a clear rejection at the price point around 280 and a move down to the bottom horizontal support, however, a lot of other cryptos have been showing a similar pattern to ETH, but they consolidated and broke upwards, I suspect the same will happen to ETH.
For ETH there are three possible patterns occurring right here: a bull flag, a bullish rectangle, or a head and shoulder top.
A Bull Flag or a Bullish Rectangle:
These patterns are bot similar, however, if it is a bullish rectangle, the price objective wouldn't be as high as it would be with a bull flag because the price objective of the rectangle is measure by the height of the rectangle, whereas the price objective of the flag is measured through the pole. It is possible that this is a flag, however, since the upper and lower trendlines are not downwards sloping, I suspect that this is a bullish rectangle. If this does turn out to be a bull flag, there will be a strong drive to extreme heights.
Head and shoulder top:
For me to say that this is a head and shoulder top, I would like to see a clear rejection at the price point around 280 and a move down to the bottom horizontal support, however, a lot of other cryptos have been showing a similar pattern to ETH, but they consolidated and broke upwards, I suspect the same will happen to ETH.