FX.co ★ Technical analysis on Ethereum for October 7th, 2022.

Blue line- neckline resistance

Red lines- Fibonacci extension targets

Ethereum is trading around $1,330. Price has mostly been moving sideways the last few weeks and bulls are unable to push price higher than $1,420. Price remains below the broken neckline of the Head and Shoulders pattern.The neckline at $1,470 is key resistance. Our $1,175 target remains intact, but taking into consideration the current price formation, a break below recent lows of $1,245, will lead to a deeper decline towards June lows at $900-$880.