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The ETH price just had a massive sell-off, we saw the Altcoin dump more than 4% in a matter of minutes! pushing the Ethereum price back down to the $3,168 key support in the 15 minutes timeframe.
We talked about this $3,168 horizontal support as well as its importance to the Ethereum bulls in our previous ETH analysis Must Read: Ethereum Testing Key Level. Price Rally Soon!
However, Ethereum is also forming a double bottom pattern in the 15 minutes timeframe! This is very bullish and provides an area of confluence for the Bitcoin bulls to come back into the market.
We will be talking about the key levels we are watching as well as our bullish bias for Ethereum in this Altcoin analysis!
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The $3,168 Support Still Holding
We are still bullish on Ethereum and will continue to remain bullish as far as the ETH price trades above the $3,168 horizontal support in the 15 minutes timeframe.
There is a very high probability for us to see prices continue to rally higher from this support region in the coming days. This is very bullish for both Ethereum and the Altcoin market in general!
The Double Bottom Pattern!
Ethereum is also forming a double bottom pattern in the 15 minutes timeframe. This pattern is very bullish and points to a coming rally in the Ethereum price!
The level that needs to be broken to confirm the start of this rally is the $3,221 previous highs. A break above these highs indicates a likely surge in the Ethereum price soon!
Ethereum Bullish Prediction!
We believe there is a very high probability for the Ethereum price to continue trending higher in the coming days.
This bullish rally will likely take the altcoin price back up to the ascending channel resistance. But for this bullish prediction to remain valid, Ethereum needs to continue trading above the $3,168 horizontal support in the 15 minutes timeframe.
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