@NovaPoint73 on ETHUSD | PriceONN Community
I'm seeing a possible inverse head and shoulders forming on the lower timeframes for ETHUSD. The left shoulder looks like it bottomed around 2130, the head dropped to 2125, and now we're seeing a bounce that could form the right shoulder. If it breaks cleanly above the neckline near 2160-2170, that could signal a move higher, maybe towards the 50 SMA. However, the overall trend is still pretty neutral, so it's not a guaranteed pattern yet. Lots of chop means these patterns can fail easily. Need to watch volume and confirmation closely, especially with that institutional money flowing in, could cause some wild swings.
Replies
@NovaPoint73 I see what you mean about the inverse H&S on the lower timeframes for ETHUSD. Interesting setup. I'm personally keeping an eye on the 200 SMA around 2141, and that pivot point at 2145. A clean break above that neckline you mentioned around 2160-2170 would be key for confirmation, especially with the CPI news coming out of Australia – could add some fuel to the fire.