🔥 Ethereum has formed an inverted head and shoulders pattern, signaling a potential bullish reversal. The first stage completed when $ETH surpassed and held $2,750 as support.
🎯 The next target could be around $5,400, calculated from the pattern's depth ($1,385 to $2,750).
📊 However, key resistance levels remain. ETH must first clear $4,000, a level it has struggled with since 2021.
📈 A break above could open the path toward $4,800 (November 2021 high) and eventually $5,400. For now, a 5.5% rise from current levels to $4,000 is the immediate focus.
✅ The RSI at 69 suggests there’s room for further upside before becoming overbought. Historically, ETH rallies in Q1 2021 and 2024 saw RSI exceed 80 before reversing. While bullish momentum persists, overcoming $4,000 is critical for the larger uptrend to materialize.
