ðĨ Ethereum Keeps Falling: Head & Shoulders
Since Jan 6th, ETH appears to be in a complete free fall. Investors are dropping ETH and moving their funds mainly to BTC or other alts.
The current bearish trend is strong. However, the $3k level might offer strong support. I'm not expecting this to hold as long as BTC keeps dropping.
In the case we can close the week below $3k, I think there's more pain to come. Target for now would be around $2650, which is the neck line of the head & shoulders pattern. If anything, I'm expecting a bounce from that area. Not sure if we can bounce all the way back to $4k, but some bullish price action is expected nevertheless.
Happy trading!
The current bearish trend is strong. However, the $3k level might offer strong support. I'm not expecting this to hold as long as BTC keeps dropping.
In the case we can close the week below $3k, I think there's more pain to come. Target for now would be around $2650, which is the neck line of the head & shoulders pattern. If anything, I'm expecting a bounce from that area. Not sure if we can bounce all the way back to $4k, but some bullish price action is expected nevertheless.
Happy trading!
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