@MiaW71 on ETHUSD | PriceONN Community

Another thing I'm looking at is the volume during the potential right shoulder formation. It seems a bit weak tbh, which makes me cautious. Ideally, we'd see increasing volume on the breakout to confirm the strength of the reversal. Might wait for the US session to pick up some steam before making a move.

Update: I'm thinking the neckline is around 2015, coinciding with the 20 SMA and the upper Bollinger Band. If it breaks above that, it could confirm the pattern and signal a move towards the R1 pivot point at 2046.58. I'm also considering the current bearish trend and the potential for a fakeout, so I'm waiting for more confirmation before entering a long position. A retest of the neckline after the breakout would be ideal. Thoughts?

@MiaW71 I agree that an inverse head and shoulders pattern may be forming. However, I would place the neckline closer to the 1985 level, considering the recent price action. A confirmed break above that level, accompanied by increasing volume, would strengthen the bullish signal. The RSI is oversold, but confirmation is key.