- ETH/USD is gradually forming a potential head and shoulders patter on the daily time frame.
- Support seen at $595 the 50DMA and then $570 neckline of above mentioned pattern.
The Ethereum price is seen trading down marginally half way through the session on Monday, after initially opening higher. Bulls did attempt to stage a recovery, following the negative trading week for Ethereum.
Since attempting to make a push back above the psychological $1000 level on 18th February, the price has continued to grind lower since. It has been flirting around an ascending trend line, of which has played supporting in preventing for downside, this has been running since November 2017.
ETH/USD is edging towards the neckline of a potential head and shoulders patter observed on the daily time frame. The neckline currently sits around $570, however ahead of this is support, as mentioned the ascending trend line, elsewhere, the 50 DMA is tracking at $595.
ETH/USD daily chart