Ethereum dey face bearish Head and Shoulders Pattern as $2,500 support don turn critical for price recovery
Ethereum (ETH) don change from wetin dem dey call bullish before, wey analysts dey expect say market go rise because of Morningstar pattern and Wyckoff accumulation, now e don turn to bearish mata wey get wetin dem call classic Head and Shoulders for 4-hour chart. After e hold steady around $2,500, ETH fall comot from the main neckline for $2,480, go down reach $2,380. Even though small technical bounce dey happen now as ETH dey try reach $2,500 again, analysts dey warn say if e no fit hold up pass dat level, e go confirm the bearish setup and e go fit drop go $2,200–$2,250 support area, wey match with one big order block wey happen May 9. But if e fit climb back to $2,500 and cross $2,650, e go cancel the bearish structure, and e fit go up to $2,700–$2,800 area. For short-term, the technical outlook don turn bad, with $2,200–$2,250 as the main place wey traders suppose watch. The change from bullish reversal to more risk of falling down just show say market dey sensitive to how support and resistance dey play for crypto trading.
Bearish
At first, Ethereum (ETH) bin dey show say e go rise, because of strong chart pattern and analysts wey believe say e fit climb up. But as Head and Shoulders pattern show for the 4-hour chart, and ETH break down below $2,480 neckline, the short-term market don turn bearish. Technical analysis dey show say if ETH no quickly climb back up and hold above $2,500, e fit fall more go the important $2,200–$2,250 support zone. Even though a strong break above resistance levels fit lead to bullish reversal, the current setup dey show say more fall fit happen. This one fit make traders careful or position for possible further fall for near future.