• Ethereum (ETH) is trading at $1,866, down 1.17% in the last 24 hours.
• Bulls have pushed the price of Ethereum (ETH) closer to $1,900 but selling pressure remains below this level.
• A bullish inverse head-and-shoulders (H&S) pattern has formed on the daily chart, suggesting a 19% increase to $2,385.
Ethereum Price Eyes Potential Breakout
The price of Ethereum (ETH) is currently trading at $1,866, down 1.17% in the last 24 hours. Bulls drove the price of ETH closer to $1,900 but selling pressure remains below this level. The fear and greed measure is now at 51 out of 100 which is in the middle of the spectrum.
Bear Dominance
The RSI ceiling at 48.00 was broken recently signaling a start of surge for ETH; however prevailing negative sentiment has been signaled by a crossing between 10-day and 25-day moving averages (MA). If ETH fails to break over the $1,900 price level a severe decline is anticipated.
Potential Breakout
Ethereum followed Bitcoin’s lead and rallied over the $1,850 and $1,860 marks with buyers trying to push its price higher towards potential breakout above 2k barrier levels. A bullish inverse head-and-shoulders (H&S) pattern has formed on the daily chart suggesting 19% increase to 2385$. The reversal of H&S patterns indicates that uptrend is about to begin if it breaks & stays above 1870$ barrier levels
Take Profits?
Investors may begin taking profits around 2K barrier levels while extreme bulls may wait for H&S breakthrough till 2385$ before selling .
Conclusion
Ethereum’s market conditions are still bearish although there are signs that suggest an imminent breakout if it breaks & stays above 1870$ barrier levels with investors advised to take profits around 2K barrier levels or wait for H&S breakthrough till 2385$.