All eyes have been on Bitcoin in recent weeks as it continues to consolidate. Ethereum prices have practically mirrored what its big brother has done and analysts have eyed a clear head and shoulders pattern which could lead to further declines.
Ethereum made it back over $260 a few hours ago but has started to fall back again during today’s Asian trading session. The 1.5 percent slide has taken ETH back around $255 which is still higher than it has been for most of the past week.
According to Coinmarketcap.com Ethereum did drop below $230 briefly on Monday when crypto markets saw red. For the past few weeks however ETH has been range bound, trading between $230 and $270, largely following the movements of Bitcoin which has been hovering just below $8k.
Ethereum Head and Shoulders Pattern Clear
As usual the analysts have been eyeing the charts looking for patterns and one has depicted the clear formation of a head and shoulders.
“Forgive my drawing skills, but this is a classic Head and Shoulders pattern. Now, patterns can fail, but this gives you an idea of what I am thinking and what will negate it.”
$ETH Daily Chart