Hi guys, hope you all are doing well.
As the title states, we can see a head and shoulders formation on ethereum on multiple timeframes: 3H, 4H, 6H and 12H.
Beforehand ethereum encountered a bearish divergence on both RSI and MACD which resulted with a drop from $249 to $234.6
Anyhow the target of the head and shoulders formation is a price around $228, which happens to be an important support that bulls must hold.
That's it for this analyisis, I wanted to keep it short and simple.
Please leave a comment or a like if you like my idea and if you have any constructive criticism please do share, I'm always looking to improve myself.
Thanks