ETHUSDT - inverted head and shoulders pattern

hi Traders

On the weekly chart, Ethereum (ETH/USDT) appears to be developing a potential inverted Head and Shoulders pattern, which is traditionally viewed as a bullish reversal formation.

Pattern Structure

Left Shoulder: Formed during the earlier corrective phase.

Head: A deeper swing low marking capitulation before recovery.

Right Shoulder: Currently forming, with price pushing back toward the neckline.

Neckline & Breakout Zone

Price is approaching the neckline resistance, which aligns with a multi-year structural level. A confirmed weekly close above this neckline would signal a potential breakout.

Measured Move Target

Using the height of the head relative to the neckline, the projected upside target sits approximately 60% above the breakout level, aligning with the highlighted green target zone on the chart.

Bullish Confirmation

A breakout would be confirmed by:

A strong weekly close above the neckline

Increased volume

Retest of the neckline turning into support (optional but ideal)

Key Notes

The pattern is not confirmed until the neckline breaks.

Weekly patterns carry more reliability but also require patience.

As always, risk management remains essential.