ETH Forms Large Head & Shoulders Bottom, Might Break $4,000 Soon
2025-01-26
Category: None

CRYPTOCAP:ETH  has completed the right shoulder of a large head-and-shoulders bottom pattern, with the drop almost identical to the left shoulder.

Zooming in, #ETH is currently testing the ascending trendline (marked in pink) that started on 11/14.

In the coming days, watch if it can hold above this line. If it holds, the price could quickly surge past $4,000.

A key level to watch is around $3,331, which is the bottom of the candlestick with the highest recent trading volume.

Although it seems less likely right now, if this level breaks, it's possible that major players might intentionally push the price below the large triangle convergence bottom (marked in yellow) formed since June 2022, further shaking market confidence.

(From August to November last year, there was a similar intentional move, where the price was suppressed along the triangle's lower edge for three months, creating multiple bottoms before a strong rally.)

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