Expanding on my original thought regarding large head and shoulders that looks to be forming on the chart, ETH continues to create lower highs in a falling wedge pattern. I expect continued slide within the channel prior to breakout. The end of the wedge happens to coincide roughly when the right shoulder should start aiming back towards the neckline. A breakout from this wedge towards the neckline would be extremely exciting in my opinion. As always, volume is going to be a big indicator here. Trying to time the bottom could be risky, but a breakout of the wedge with any significant volume pop would be a great opportunity. Purple dash line indicates the downward trend line from the all time high. This is an important area to watch as well as it could provide resistance.
A solid breakout of the head and shoulders pattern would target ~ $1250
***This is not a recommendation to buy or sell. Please do your own research and make educated trading decisions***
A solid breakout of the head and shoulders pattern would target ~ $1250
***This is not a recommendation to buy or sell. Please do your own research and make educated trading decisions***