The 1 hour timeframe of Ethereum (ETHUSD) is shown in this analysis from June 29, 2018 till present date with chart annotations.
Price action on July 31, 2018 breached the neckline of a complex, head and shoulder top formation, which is ideally a bearish pattern. Movement of price action below ~$438.97 confirmed the chart pattern and the pivot of the symmetric triangle at ~$404.64 is anticipated as a price level where Ethereum (ETHUSD) could retrace too and will be key for future price development.
Above all, the implication complex Head and shoulders top pattern is for Ethereum (ETHUSD) to move an equivalent distance downwards measured from the neckline to the head of the pattern and then projected below the neckline.
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