Ethereum is at 1620, after faking out from the support. Now, market is residing at the support level and has the potential to continue moving up. From here onwards from the support, market can markup towards the resistance level till the price of 1735. ETH is forming an inverse head and shoulders. The scale of the upward scale is same as the inverse head and shoulders. 

The descending trendline has broken out for buys and has validated the trendline breakout buy.

EMA 50 is just blanketing the price action at the support level and has a push up effect on it from herewards. 

RSI is at 52. It needs to potentially tap the neutralized level around 50 which is close buy and will align with the technical factors.

Betting on inverse head and shoulders on Ethereum

Sep 17 2023