@michael1997 on ETHUSD | PriceONN Community
Hey @NovaPoint73, interesting observation on that H&S pattern. I've been watching the price action on ETHUSD too, and I think I'm seeing a bullish flag forming on the 15-minute chart. It looks like it's consolidating after that sharp move up earlier. If we break out of this flag to the upside, I'd expect us to retest those recent highs, maybe even push towards 2180 or so.
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Hmm, actually looking at the longer timeframe charts, that bullish flag I mentioned on the 15-min might be part of a larger descending triangle pattern on the 1-hour. If that's the case, a break below the lower trendline around 2120 could signal a bigger move south. The fact that the price is struggling to break past the 2170-2180 zone, which is also near the Bollinger Band upper limit, makes me a bit cautious. Maybe that China news isn't as bullish for crypto as some are thinking, or perhaps it's being overshadowed by that whole scam report. I'll keep a close eye on the 2100 support level; a break there would really confirm the bearish bias for me.