Ethereum is in a crucial phase with an inverted head and shoulders pattern on the daily chart and a double-bottom pattern on the 4-hour chart, indicating a potential bullish reversal.

The Daily Chart

Ethereum is undergoing a descending consolidation phase with no clear directional bias. However, a critical inverted head and shoulders pattern has formed near the $2.1K support zone, suggesting a bullish reversal if ETH can break through the neckline at $2.7K.

The 4-Hour Chart

On the 4-hour chart, Ethereum sellers struggle to break down the price below the ascending flag pattern's lower boundary near $2.3K. Ethereum has also formed a double-bottom pattern, indicating a short-term bullish reversal.

Onchain Analysis

Ethereum is currently trapped in a price range between $2.1K and $2.7K. The Binance liquidation heatmap shows key liquidity zones that could influence an impending breakout, reflecting equilibrium between buyers and sellers, with significant liquidity pools at $2K and $2.8K.

Ethereum remains in a state of uncertainty, with a potential bullish reversal in play, possibly leading to significant price direction changes soon.