ETH Plunges With A Highly Bearish Pattern, Will It Drop Under $1000?

ETH technical analysis gives a head and shoulder breakout with an 11% fall overnight in response to the hawkish comments of FEDs warning of an interest rate hike. Just 18 days before the merge, the Ethereum (ETH) prices decline by 11% in response to the increase in selling in the U.S. markets. Ether’s price reaches the $1500 mark and gives the head and shoulder breakout teasing a downfall to the $1000 support level. Key Points: The ETH price action displays a bearish engulfing candle completing a head and shoulder pattern. The prices plunge below the 50 and 100-day SMA within a single day. With a market cap of $183 billion, the intraday trading volume of Ethereum has increased by 71% to reach $27.24 billion. Source – Tradingview ETH Technical Analysis Ethereum (ETH) price chart displays a surge in the selling pressure evident by the spike in trading volume supporting the downfall. As a result, the price trend reverts from $1700, resulting in the completion of a head and shoulder pattern in the daily chart. The bearish breakout challenges the buyers at the psychological mark of $1500, which may shortly result in a drop to $1361. However, the daily candle is showing lower price rejection, trying to hold off a downtrend. The prices trade under the 50 and 100-day SMA, undermining the recent bullish crossover. Instead, it increases the possibility of a bearish crossover which may further fuel the downfall. If the $1500 support leve...