$ETH The market today has closed very subtly, below the channel resistance and the opening price of the large bearish candle on the left side, but it has not broken the recent large bullish candle's closing price of 3358, just a few dollars short. Last night, Singapore time, it closed below the left high's opening price.

Here we need to observe the details of the lower timeframes. The 4-hour chart is currently at a critical position of the right shoulder in a head and shoulders pattern. We patiently wait for the 4-hour chart to close; as long as the closing entity does not break the neckline at 3395, and then drops below 3310, the head and shoulders pattern will be established, with the first target seen around the lower channel line at 3140.

If the 4-hour chart closes above the neckline and retests without breaking, then we will continue upward, looking for the first target at around 3460.