Ethereum at a Critical Turning Point: Head & Shoulder Pattern

Ethereum Technical Chart Study

Ethereum is showing some interesting price action. It recently took resistance from its resistance zone and is now forming a classic Head & Shoulder pattern—a structure often signaling potential reversals.

Currently, the price is sitting right at the neckline of the Head & Shoulder pattern. If this neckline breaks, it could lead to further downside movement.

Looking below, there’s some key support to watch:

1. The 2800 resistance zone, which Ethereum broke out of earlier, hasn’t been tested yet. This zone might now act as a strong support if the price moves downward.

2. There’s also a trendline support in play, adding another layer of potential price stability.

So, what’s next?
If Ethereum breaks the neckline, we could see the price fall towards the 2800 zone or possibly to the trendline support. These are the levels to keep an eye on for the next big move.