Ethereum (ETH) has recently demonstrated a head and shoulders pattern on its 4-hour chart, traditionally viewed as a bearish reversal indicator in technical analysis. This pattern is characterized by a peak flanked by two smaller peaks, resembling a head and shoulders silhouette, and signals potential for price downturns.
The "neckline" of the pattern, a level of support, is crucial; once breached, it often predicts further price declines. Recently, Ethereum's price fell beneath this level but then showed movements suggesting a possible retest, igniting debate about its future trend.
