ETHEREUM - A crucial moment for ETH

Ethereum is being pressured by two opposing forces. The breakout upwards from the blue triangle created a strong support line (the horizontal blue line), but it quickly encountered strong resistance at the level of the dotted blue line. This was the point at which Ethereum broke downwards last November.

Now it has formed a Head & Shoulders pattern which would usually be resolved with a strong move downwards. But in this case, the strong blue support line is resisting this downward move. If ETH moves upwards, in a Head & Shoulders rejection move, it will again encounter resistance at the dotted line.