.png){kind=logo}
Ethereumโs weekly price chart is drawing attention after a widely shared technical image outlined a developing inverse head and shoulders structure. The chart, posted on X by analyst Bach, presents Ethereum trading above key support levels with momentum indicators aligning.
Bach stated that the pattern leaves limited technical signals for bearish continuation, according to the shared visual data. It displays Ethereum price actions on a weekly timeframe alongside relative strength index movements. The image shows higher lows forming around a defined neckline zone, with projected upside levels marked using Fibonacci extensions.
Against this backdrop, one question emerges: Does the current weekly structure allow meaningful downside pressure to develop?
The chart shows Ethereum forming an inverse head and shoulders pattern across several months, including two higher lows flanking a deeper central low. Each low aligns with visible price support.
The neckline appears slightly upward sloping. Price actions repeatedly test this area before pulling back, then recovering again. This pattern reflects a consistent defense of support zones across the weekly timeframe.
Earlier consolidation appears before the structure develops. It marks a gradual transition from compression into directional movement. Price candles remain above the broader support band shown beneath the neckline.
The lower section displays the relative strength index; the RSI forms higher lows that mirror the price structure above. These higher lows coincide with each rebound from support.
Red and green markers highlight overbought and oversold regions. The most recent RSI movement rises from a lower boundary while staying above the mid-range level, aligning with price holdings above key horizontal support.
Trend lines drawn on the RSI suggest a break from a prior downward slope. The indicator then stabilizes while the price revisits the neckline area. This pairing reinforces technical symmetry in the chart.
The image includes Fibonacci extension levels plotted above the neckline. These levels signal potential price zones if the pattern resolves upward. The 1.272 and 1.618 extensions appear clearly labeled.
An arrow from the neckline projects a move toward these higher levels. It follows the traditional measurement method associated with inverse head and shoulders structures. The visual shows no competing downside targets marked.
Bachโs caption states that the weekly setup โis setting up beautifully.โ He added that the pattern does not give bears much to work with, directly reflecting the technical layout shown in the image without referencing external data or forecasts.
Read More: Bitcoin Price Holds $91,271, Ethereum Slips to $3,109, XRP Falls to $2.04
The Ethereum weekly chart shows a clear inverse head and shoulders structure forming above key support. RSI momentum follows the same higher-low pattern. Together, these signals indicate limited downside pressure. Traders and analysts continue to monitor the neckline area for confirmation of the broader weekly setup.
