13 hour ago
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Ethereum Prepares for Breakout with Inverse Head & Shoulders Formation
Ethereum is showing signs of a potential bullish breakout as multiple indicators align. An inverse head and shoulders pattern, along with rising accumulation and weakening trend rejection, suggests that ETH may soon experience a strong upward move.
Key Indicators
- An inverse head and shoulders pattern on Ethereum's chart indicates a possible bullish reversal.
- Solid support observed near the 50% Fibonacci retracement level around $2,750.
- The appearance of a hammer candle on the weekly timeframe suggests renewed buying pressure.
If the pattern confirms, Ethereum's first target is $4,109, marking a significant shift in momentum. The next target aligns with the 1.618 Golden Ratio extension near $5,793.51, indicating further rally potential if surpassed.
Accumulation and Market Structure
- Growing accumulation reflects increasing bullish interest amid trend rejection.
- No major move expected until the trendline breaks; confirmation is required for a decisive shift.
Investors are advised to monitor key levels and wait for a confirmed trend shift before expecting a major market move.