Ethereum is still trading in the red for the week, despite a strong technical bounce from the $1,650 support level yesterday. The four-hour time frame is showing that a bearish head and shoulders pattern has in play while the ETHUSD pair trades below the $1,720 level. According to the size of the pattern, the ETHUSD pair could be set to fall towards the $1,500 level.
The ETHUSD pair is only bullish while trading above the $1,720 level, key resistance is found at the $1,760 and the $1,860 levels.
If the ETHUSD pair trades below the $1,720 level, sellers may test the $1,650 and $1,500 levels.
