Ethereum Head and Shoulders??

Ethereum broke support from below at $3148, and is currently trying to establish value in the vacuum zone between this level and $2965. It does appear to be forming a head and shoulders type pattern, with a slanted neckline, the lower bound of which is about 3K. The first inverse Fibonacci extension level is $2931, which may suggest that Ethereum is gearing up for lower prices. Breaking the 3K handle would be a significant blow for ETH.