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If ETH holds above this zone and sees a weekly close above $2,200, it could trigger a relief rally toward $2,500 – $2,750.
However, Ethereum could drop toward the previous support area of $1,750-1,800 if the price breaks below this support, marking a significant bearish continuation as suggested by whales’ negative unrealized profits.
Ethereum Near the Cusp of Bearish Reversal Breakdown
Ethereum is flashing a bearish technical signal as a head and shoulders (H&S) pattern forms on the weekly timeframe. The pattern, often associated with trend reversals, suggests that ETH could be heading for a deeper correction if key support levels fail to hold.
The head and shoulders pattern is characterized by three peaks: a central high (head) flanked by two lower highs (left and right shoulders). The neckline, which serves as the final support level, is currently being tested around $2,000.
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