Head and Shoulders Formation: Ethereum recently completed a head and shoulders pattern, resulting in a corrective decline toward lower levels.
Double Bottom Pattern: A bullish double bottom is forming near the $2,918 support level, indicating a potential reversal zone for a long position.
Key Levels:
Resistance: $3,150 and $3,360 are crucial resistance levels to watch for a breakout.
Support: $2,918–$2,881 is the primary support area and a potential accumulation zone.
Projection: If the double bottom confirms, ETH could aim for a rally toward $3,360 and potentially higher. A failure to hold the support may lead to deeper retracement.
Action Plan: Traders should watch for confirmation of the double bottom or rejection at resistance levels before entering positions.
Regards, Trade Cryptocurrency
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