Haven't seen much mention of this possible formation that is showing some signs of an inverted head and shoulders. IHS are typically reversal formations, either for primary or secondary trends and in the event that ETH found a bottom around 167x, this certainly fits the bill as a reversal so far until proven otherwise. As per Edwards' and Magee's criteria we will need to see significant volume increases up and to the neckline (which we have seen so far) and we must see sustained, heavy volume on a neck line break to confirm this pattern. Targets resolve in the 300-323 area depending on how you measure the head.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.