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Ethereum Price
ETHUSD
remains around $2,330 mid-week because sellers have sharply decreased, leaving only one more candle to confirm the possibility of a bounce on the reversal structure on the 8-hour chart.
This setup combines a classic reversal pattern, exhaustion signals on momentum, and an 85% decrease in coin flow to exchanges. Whether ETH can rebound heavily depends on the last candle that could hold at that level.
On the 8-hour chart, ETH has been forming an inverse head-and-shoulders pattern since mid-April. This pattern produces a low (left shoulder), a deeper low (head), and a higher low (right shoulder). The formation of the right shoulder is now nearly confirmed.#GateSquareMayTradingShare