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The Ethereum price is rallying higher today after the Altcoin bounced off the weekly major support. This $1,684 price level has held the ETH price up since March 2021, and try as it may, Ethereum has failed to break through this key support over and over again.
This new bounce we are seeing play out today is just a confirmation of how important this $1,684 support is to the Ethereum bullish trend.
However, in this Ethereum analysis, we will be going to a much lower timeframe and talking about the potential Double Bottom Pattern forming right now around this $1,684 level in the 1-hour timeframe.
Should we expect a deeper reversal, is this a bullish fakeout before the sell-off continues, or does the formation of this double bottom pattern mean that the ETH sell-off is finally over?
We will be attending to all these questions and more in this Ethereum analysis as we break down the key levels we are watching as well as the potential price scenarios we can expect to play out in the coming days.
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Ethereum Double Bottom Pattern!
A double bottom pattern is a high-quality reversal pattern used by professional traders to take advantage of a change in the direction and trend of an asset.
For Ethereum, we are seeing this double bottom pattern play out at a key level in the 1-hour timeframe. The unique location of this pattern increases its importance and probability of success.
But first, the pattern needs to be completed!
Waiting For Ethereum To Complete The Double Bottom Pattern
For the double bottom pattern to be completed, Ethereum needs to break through and close above the Neckline Region/Previous Highs of the pattern.
Once this key resistance is broken, we have our bullish confirmation that the Ethereum price might be ready to rally higher in the coming days.
However, until this key level is broken, we want to stand aside and wait for our bullish confirmation to get triggered.
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