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Inverse Head And Shoulders Pattern Intact For ETH

#1
Yesterday, we discussed a possible inverse head and shoulders pattern with support near the $162 area. ETH price remained well bid above the $162 support, which means the pattern is still intact.
To invalidate the pattern, Ethereum bears need to push the price below the $162 support. The next key support is near the $158 level. Any further losses below $158 might spark a strong downward move.
Overall, ETH remains in an uptrend and it could rise above $170 and $180 in the near term unless there is a break below $158.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $162
Major Resistance Level – $170
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