Ethereum Head & Shoulders Pattern Breakdown: Can Bulls Reclaim Control?

Ethereum's recent price action has formed a classic Head and Shoulders pattern, indicating a potential deeper correction. The pattern is visible on the 4-hour candlestick chart, with a left shoulder, a prominent head peaking above $2,700, and a right shoulder topping near $2,650. The neckline, drawn around $2,480, was breached during Ethereum's recent pullback to $2,380, shifting the short-term outlook to bearish. Ethereum attempted to reclaim lost ground and is currently retesting the neckline area around $2,500. A failure to push back above this level would likely validate the bearish setup and cause the Ethereum price to reverse downwards toward the next support zone between $2,200 and $2,250. The $2,200 region is supported by the measured move of the Head and Shoulders pattern and an order block on May 9. To invalidate the bearish setup, bulls must reclaim the neckline around $2,500 decisively and break back above the right shoulder level around $2,650. A successful bullish reclaim would nullify the bearish pattern and revive sentiment for another retest of the $2,700 to $2,800 zone. Until such a recovery occurs, the Ethereum price can quickly reverse downwards at any time.