Ethereum Forms Complex iH&S Structure, Why $18,000 Is The Possible Target

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Reason to Trust

Ethereum Forms Inverse Head & Shoulder Pattern

The Ethereum price has been in a long consolidation period, experiencing a crash amid the ongoing market turmoil. Despite recording massive declines that have pushed its value significantly below all-time highs, crypto analyst Gert van Lagen on X (formerly Twitter) predicts that ETH could still reach a price target of $18,000.

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How An $18,000 ETH Target Is Possible

Still looking at Lagen’s Ethereum price chart, the analyst suggests that if ETH can surpass the $3,978 resistance level with strong volume, it could validate the Inverse Head and Shoulder pattern and open the door for a rally toward $18,000. Conversely, if Ethereum fails to break above this resistance level, a prolonged consolidation or significant pullback may occur before its next breakout attempt.

Ethereum Forms Inverse Head and Shoulder Pattern

The Inverse Head and Shoulder is a classic bullish reversal structure, often signaling the end of a downtrend and the beginning of a strong and new uptrend. Considering the Ethereum’s price has been in a downturn, the formation of the iH&S chart pattern suggests that this prolonged decline may be finally coming to an end.

Conclusion

In conclusion, the Ethereum price chart suggests that the formation of the Inverse Head and Shoulder pattern could be a sign of a bullish turnaround, potentially leading to a massive rally toward $18,000. However, it is crucial to note that the price must surpass the $3,978 resistance level with strong volume to validate this pattern.

FAQs

Q: What is the Inverse Head and Shoulder pattern?
A: The Inverse Head and Shoulder is a classic bullish reversal structure, often signaling the end of a downtrend and the beginning of a strong and new uptrend.

Q: What is the price target for Ethereum according to Gert van Lagen?
A: The price target is $18,000.

Q: What is the importance of the neckline in the Inverse Head and Shoulder pattern?
A: The neckline is the primary resistance area, and if Ethereum can surpass this level with strong volume, it could validate the Inverse Head and Shoulder pattern and open the door for a rally toward $18,000.

Q: What happens if Ethereum fails to break above the resistance level?
A: If Ethereum fails to break above the resistance level, a prolonged consolidation or significant pullback may occur before its next breakout attempt.