Ethereum Price Analysis: Forming Head And Shoulder Formation

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ETHUSD is forming an overall head and should formation currently trading below the important 200- and 100- EMA resistance. The head and should formation can currently break to the down or upside. Now their formation in ETHUSD has to confirm in one direction and show the breakout, a clear break of the the neckline will show bearish and a move above the head will confirm the head and shoulder formation bullish .

ETHUSD Price Chart

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ETHUSD Price chart by TradingView

RSI is sending moderate signs with a possibility of increased spread and oscillation in the oversold or overbought region.
MACD is showing intertwined lines and can show up with a definite sign in the bullish or bearish direction.

For now, the head and should develop and show the proper breakout as ETHUSD is trading below the EMAs a breakout in the bearish direction is more possible at the moment.

TREND: sideway

FORMATION: Head and shoulder

EXPECTATION: Confirmation of the head and shoulder formation

TREND AFTER CONFIRMATION: Either up or down

PREV: 229.34

OPEN: 229.34

VOLUME: 33.104K

DAY’S RANGE: 223.53 — 229.93