Ethereum Technical Analysis: Intraday Bearish Chart Pattern
Conclusion for today’s Ethereum price analysis: Lower price is expected in Ethereum with ~239.74 as the minimum expectation.
Ethereum analysis for today is carried out on the 4 hour timeframe using a candlestick chart. May 11, 2019 to current date is examined with the duration including a bullish trend from ~168 to 363.18 on June 26, 2019.
Ethereum sell off after reaching the June 26, 2019 peak involved the formation of a Head and shoulders top pattern that is not yet complete. Confirmation of the bearish implication of the pattern occurs when price closes below the neckline as highlighted on the chart.
Trajectories for the price of Ethereum are also drawn on the chart which includes price continuing to sell off to the expected target or a quick move to test resistance at the 326 price level prior to resumption of bearish strength.
Projection of target for Ethereum can be carried out by measuring the vertical distance from the peak of the head and shoulders pattern to the origin of the neckline at ~275.05. Same distance is projected below the breakout below the neckline when the pattern becomes confirmed
Price moving instead above the 326 price level as well as the June 26, 2019 peak in price invalidates the above analysis.
Ethereum analysis for today is carried out on the 4 hour timeframe using a candlestick chart. May 11, 2019 to current date is examined with the duration including a bullish trend from ~168 to 363.18 on June 26, 2019.
Ethereum sell off after reaching the June 26, 2019 peak involved the formation of a Head and shoulders top pattern that is not yet complete. Confirmation of the bearish implication of the pattern occurs when price closes below the neckline as highlighted on the chart.
Trajectories for the price of Ethereum are also drawn on the chart which includes price continuing to sell off to the expected target or a quick move to test resistance at the 326 price level prior to resumption of bearish strength.
Projection of target for Ethereum can be carried out by measuring the vertical distance from the peak of the head and shoulders pattern to the origin of the neckline at ~275.05. Same distance is projected below the breakout below the neckline when the pattern becomes confirmed
Price moving instead above the 326 price level as well as the June 26, 2019 peak in price invalidates the above analysis.
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