07.09.202213:06 Forex Analysis & Reviews: Short-term technical analysis on Ethereum for September 7th, 2022.

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Blue line- neckline support

In a previous analysis we noted the formation of a potential Head and Shoulders pattern in Ethereum. Price made a lower high yesterday and is turning lower towards the important short-term neckline support. Support is found at $1,717-10 area. A break below this level will activate the H&S pattern and provide us with an important bearish signal. Price continues making lower highs which is a sign of weakness. Ethereum remains vulnerable to more downside as long as price is below $1,720.

Alexandros Yfantis
Analytical expert of InstaForex
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