Ethereum price (ETHUSD) recently experienced temporary declines, testing the support base at $3360.31. Upon closer examination of the chart, it becomes evident that Ethereum is forming an inverted head and shoulders pattern, with a confirmation line set at $3505.00. Breaking above this level is expected to propel the price to surpass our anticipated target at $3641.82 and potentially extend gains towards $3890.00 followed by $4096.85.
Stochastic indicators are providing positive signals, reinforcing the likelihood of completing the aforementioned pattern and advancing towards the suggested targets. It is crucial to monitor the price action around the support level of $3360.31, as a breach below this point could negate the bullish scenario and trigger a downturn.
Today’s anticipated trading range spans from support at $3300.00 to resistance at $3580.00.
Trend Forecast: Bullish
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