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Urgent! Are We About To See History Repeat On Ethereum? Watch this key pattern playing out in the 4-hour timeframe
The Ethereum price is trading at a major resistance zone right now! This $2,298 price zone has been held since 2022, making it a major institutional level to watch for in the coming days.
The last time the ETH price got to this $2,298 level, we saw a unique price action play out before a massive sell-off followed. Right now, we are seeing this same unique price action about to happen again!
In this Ethereum analysis, we will be breaking down exactly what we are watching right now, as well as our bearish price scenario for Ethereum in the coming days.
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Start TradingEthereum Inverse Head and Shoulders Pattern!
Urgent! Are We About To See History Repeat On Ethereum? Watch this key pattern playing out in the 4-hour timeframe
The last time the Ethereum price got to the $2,298 institutional level, we saw an Inverse Head and Shoulders Pattern form in the 4-hour timeframe.
This pattern faked out a lot of bullish traders before the Altcoin price sold off aggressively!
Well, that Inverse Head and Shoulders Pattern is forming again! And what makes this more alarming is that this new inverse head and shoulders pattern is forming around the region the previous one did before!
So if you are bullish right now, you need to be cautious of this potential bearish setup.
Urgent! Are We About To See History Repeat On Ethereum? Watch this key pattern playing out in the 4-hour timeframe
So What Now?
For now, we are still bearish on Ethereum! We believe the Altcoin price is still getting ready to sell off in the coming days.
One of the key patterns we have been tracking for this bearish scenario is the Massive Head and Shoulders Pattern currently playing out in the 4-hour timeframe.
You can check out this article to find out all about it: ETH Breaking Below This Key Support As Predicted! What Now?
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The post Ethereum Price Prediction Daily (29-May): Urgent! Are We About To See History Repeat On Ethereum? appeared first on Bitcoinsensus.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.