Blue line- neckline support
Red lines- Head and shoulders pattern
Ethereum bulls fail to hold $1,500. Price is very close to breaking below the neckline support and triggering the activation of the bearish Head and shoulders pattern. Ethereum has major support at $1,450-$1,500. The RSI is not at oversold levels. Price can easily continue lower. Ethereum remains vulnerable to a move lower. Resistance is at $1,788 and as long as price is below this level, we remain bearish.
