FxWirePro- ETHUSD forms head and shoulder pattern, good to sell on rallies

Chart pattern formed- Head and shoulder

ETHUSD trades weak for a seventh consecutive week and lost nearly $2000 as the crypto market slumps. The demand for riskier assets plunged after the Fed hikes rates aggressively. It hits a low of $1701 and is currently trading around $1930.

The bearish invalidation can happen if the pair closes above $2500. On the lower side, the near-term support is $1625 (200-W EMA). Any weekly close below targets $1168 (200-W MA).

The immediate resistance stands at around $2165. Any breach above confirms minor pullback. A jump to $2300/$2500 is possible. A surge past $2500 will take the Ethereum to Apr month high of $3581.

It is good to sell on rallies around $2200-05 with SL around $2500 for TP of $1200.