Ethereum Analysis: Head & Shoulders Breakdown in Progress? for BITSTAMP:ETHUSD by bigdreamsrichmotives
Ethereum appears to be forming a **Head & Shoulders** pattern, most clearly visible on the **1H to 4H timeframes**. This is the primary structure I'm watching, as it could signal a shift in momentum if the pattern continues to develop. Using the **Fibonacci retracement tool**, I've noticed that price has consistently respected the **golden pocket** before beginning to break below the **38. 2% retracement level**, suggesting that sellers may be gaining control. Another area I'm watching is the …
Ethereum appears to be forming a **Head & Shoulders** pattern, most clearly visible on the **1H to 4H timeframes**. This is the primary structure I'm watching, as it could signal a shift in momentum if the pattern continues to develop. Using the **Fibonacci retracement tool**, I've noticed that price has consistently respected the **golden pocket** before beginning to break below the **38. 2% retracement level**, suggesting that sellers may be gaining control. Another area I'm watching is the **Fair Value Gap (FVG) between 1,692 and 1,644**, which could act as a magnet for price if bearish momentum continues. From a market structure perspective, Ethereum has also **broken below the daily trendline and already completed a retest**, adding confluence to the bearish outlook. My near-term expectation is for price to move toward **1,752**, followed by a decline into the **1,660** region. Looking further ahead, I believe there's a possibility Ethereum could eventually trade as low as **1,150** if broader market conditions remain weak. While it may sound aggressive, I also see a scenario where price could revisit the **790 to 900** range over the longer term. This is simply my personal technical analysis based on current price structure, Fibonacci levels, trendline behavior, and fair value gaps. As always, the market can invalidate any setup, so proper risk management is essential. I have 6 active shortsDisclaimerThe 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 theTerms of Use.