ETH/USD price action has been bearish since dropping $4000 from its highs. A head and shoulders pattern and a bearish flag pattern indicate more downside might be on the way.
Traders often become impatient when the market remains in a period of price consolidation. The crypto market, known for its high volatility, can bring quick profits when prices move quickly. For example, ETH/USD rose from $1000 in 2021 to $5000 in 2022, but not everyone was successful. Some traders bought in at $5000 only to see the market crash back to $1000.
The bigger picture for ETH/USD is bearish, and bulls should be worried. If bears succeed in pushing the price back to $1000, the bearish flag pattern will have been fulfilled and the next target is the measured move of the head and shoulders pattern. On the other hand, if bulls can keep the price in the flag and test the upper edge, the bearish flag will be invalidated.
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