ETH appears to be forming the right shoulder of a potential Head & Shoulders structure โ a classic bearish reversal pattern.
Key observations:
โข Price is holding below the 1D MA200, which can act as a rejection zone.
โข A breakdown below the rising Higher-Lows trendline (neckline/support) would likely confirm bearish continuation.
Downside levels (if confirmed):
H&S projections often point toward a measured move/Fib extension zone, which aligns near $1,385โ$1,400(April 09, 2025 low area).
โ ๏ธ Invalidation: A strong reclaim and hold above MA200 / right-shoulder resistance weakens the setup.
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