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In our previous Ethereum analysis, Ethereum Selling Off Steeply! Watch This Key Pattern we identified the Ascending Channel Pattern the ETH price was currently trading in and the key levels we were watching. In that TA, we made a bullish prediction that we might see the ETH price sell-off to the support channel of this Ascending Channel pattern and then bounce back up.
Well, that bullish prediction played out exactly! And right now, we are seeing a potential Inverse Head and Shoulders Pattern forming in the Ethereum 15 minutes price chart.
If this pattern plays out, we might see the ETH price rally even higher in the coming days. In this ETH analysis, we will be breaking down this Inverse Head and Shoulders pattern as well as the key levels we are currently watching.
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ETH Inverse Head And Shoulders Pattern
This Inverse Head and Shoulders Pattern is forming within the Ascending Channel pattern we have been tracking all week. And therefore we know the likely targets we expect to see the Ethereum price rally to before facing any major resistance.
However, the Head and Shoulders pattern is still yet not completed. For us to have bullish confirmation for this pattern, we need to see the Ethereum price breakthrough and close above the $1,339 minor resistance in the 15 minutes timeframe.
A bullish breakout like this indicates that the ETH rally might have started and we can expect to see more bullish volume come in and push the Altcoin price higher in the coming days.
The image below shows this $1,339 minor resistance up close in the 15 minutes timeframe.
ETH Bullish Target!
We believe the Ethereum price might rally back up to the Ascending Channel resistance in the coming days.
We have seen this resistance hold prices back over and over again in the past, and it might just be the perfect level ETH sellers will use to come back into the market.
Waiting for Ethereum to break and close above this $1,339 resistance level increases the potential for us to see this bullish pattern play out.
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