Blue line- support neckline
Ethereum is trading around $1,503. Price is under pressure over the last 4 days with price falling from $1,786 towards $1,500. As we mentioned in previous posts, Ethereum could very well be forming a Head and Shoulders pattern with the neckline at $1,480-90 area. Price is now testing this neckline support. So far bulls manage to defend this support level. Failure to do so will lead price towards $1,000. The chances of breaking this support over the next few days has increased. Technically this is the most probable scenario.