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Ethereum has retested and is currently trading around the $1,841 support region! This retest formes a very bullish pattern called the Double Bottom.
If this bullish prediction plays out, we can expect to see the Ethereum price rally massively in the coming days.
ETH Bullish Prediction
A standard double bottom pattern is a very bullish indication for any price chart. And right now, we are seeing that same pattern playing out on the Ethereum price chart.
If this bullish prediction points to a potential end to the Ethereum bearish trend and could see the Ethereum price making new highs in no time.
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Bullish Double Bottom Pattern On ETH! Key Levels To Watch
For price support, the key level to watch is the $1,841 support region. For the bullish pattern to remain valid, the Ethereum price needs to continue trading above this support.
The Ethereum bulls might also use this $1,841 support as a perfect base to build bullish momentum for the Ethereum price in the coming days.
As for resistance, the most important level to watch is the $2,893 resistance region.
A price break and close above this horizontal resistance confirm the bullish trend for Ethereum and point to a more bullish price rally in the coming days.
However, a price break and close below this support invalidate this bullish price prediction for Ethereum. A bearish move like this only points to an increased potential for more bearish pressure to enter the Ethereum market soon.
Final Verdict!
Ethereum is at a critical price level right now. If the Altcoin continues to trade above the $1,841 support, we can expect to see the Ethereum price rally higher in the coming days.
The bullish Double-Bottom pattern on the ETH 4-hour timeframe only further helps us reaffirm this bullish bias for Ethereum.
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