Ethereum has an harmonic pattern formation which indicates a close position of a supply zone($3.6k - $3.7K) before a possible pullback. At the resistance zone in red, Ethereum is facing a resistance at $3.3k, failure to break the small rising channel could cause a pullback to $3.1k then a reversal will play out. The yellow dashed lines which shows consolidation of price with breakouts and breakdowns, eth is currently trading in the zone which i expect a hit at the higher high(climax of the harmonic pattern) then a hint on what's next should prolly uncover.
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Kommentera:
This is a bearish butterfly harmonic pattern which insinuates a possible pullback after hitting the vertex of the pattern at 3.6k -3.65k.
