Etherum has formed a head-and-shoulders pattern, which will be completed on a break and close below the neckline.
As the neckline is sloping up, the bearish pattern is relatively less reliable, but traders should not neglect it. The downsloping 20-day exponential moving average ($3,451) and the relative strength index #RSI in the negative territory indicate that bears hold the edge. If the price turns down from the current level or the 20-day EMA and breaks below the neckline, the ETH/USDT pair risks falling to $2,850.
If bulls want to prevent the downside, they will have to drive the price above the 20-day EMA. The pair could then climb to $3,745.
This Is Not An Investment Advise