Ethereum forming Head & shoulder pattern.Ethereum is forming a head and shoulder pattern on a daily time frame after retracing the fibonnaci level of 38.2% and 20 DMA.
The coin has given a nice movement and is retracing before another up move.
The coin is trading below the moving averages.
Two confirmation patterns are being formed in the coin on the daily time frame
1. Head and shoulder pattern
2. Bearish III continous pattern
A down side moment can give nice targets as there a 3 confirmation.
1. Trading below 20 ema(daily time frame).
2. Break of Head and shoulder neck line.
3. Volumes are high.
Support :- 1390, 1245.
Resistance :- 1715, 2000
US markets fell about 1000 points (3%).
The crypto markets can also fell the pain.
Wait for the coin to break the support and form some price action near it.
