Ethereum (ETHUSD) Analysis and Forecast (Tue, Sept 18th, 2018): A head and shoulders pattern ahead

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A hike up to $210 is awaited.

Last Friday, Ethereum surged up and crossed the resistance line of $210 from the top-down. One day after, this cryptocurrency reached a high of $228.08, a little lower than the 50.0% Fibonacci retracement level. The price had stuck in a narrow range around the 38.2% Fibonacci retracement level before smashing into a significant decline.

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Ethereum (ETHUSD) H4 chart on September 18th, 2018

A Head & Shoulders pattern seems to have formed on Ethereum price though it’s a little different from the one expected in our previous analysis. Ethereum is supposed to linger near the threshold of Fibonacci 23.6%, then it’s supposed to bounce  back.

Written by nami.today

 

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