Ethereum (ETH) recently displayed a head and shoulders pattern on the 4-hour chart. It’s a formation often regarded as a bearish reversal signal.
The neckline, typically the level of support that triggers a further price drop upon a breakdown, was briefly breached, indicating potential for further declines.
However, Ethereum’s recent movements suggested a retest of this crucial neckline. After breaking below the neckline, ETH showed a rebound, pushing prices back to this key level.
This move could suggest a bear trap, where the initial breakdown was misleading, potentially luring bears before reversing higher.
$ETH
Retesting that head and shoulders breakdown level now.
Will it reclaim and this was just a bear trap?
Or will it reject on retest and head lower for the measured target? https://t.co/5snIhFcnLg pic.twitter.com/eTBkH9fngI
— Nebraskangooner (@Nebraskangooner) November 14, 2024
If ETH manages to reclaim the neckline convincingly, it could negate the bear
We współpracy z: https://www.thecoinrepublic.com/2024/11/17/is-ethereum-in-a-bear-trap-or-declining/
