Ethereum Bullish Reversal Pattern Still Playing Out! What Next?

6:29 pm, Sun, 19 December 21

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Ethereum price prediction from a previous analysis Ethereum Inverse Head and Shoulder Pattern. Watch This Key Level!

In a previous Ethereum analysis Ethereum Inverse Head and Shoulder Pattern. Watch This Key Level! we talked about the bullish reversal key pattern that was forming in the ETH 1-hour timeframe.

This pattern gave us the perfect level to watch when it comes to timing when the Ethereum price reverses and stops selling off. That level is the Neckline Region of the pattern and it is still yet to be broken.

Ethereum Bullish Reversal Pattern Still Playing Out! What Next?
Ethereum Bullish Reversal Pattern Still Playing Out! What Next? Watch this neckline region still holding strong on the 1-hour timeframe

Instead, we have seen the Ethereum price get to this key level again and reverse. This indicates that this level is very important for the Ethereum price and if we are to see the ETH bulls take charge of this market and push prices higher, Ethereum must break through this neckline region.

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What Next For Ethereum?

Well the inverse head and shoulder pattern is still very valid and there is still a high probability that it might play out soon especially as we move into a new week and trading volume begins to return back into the Ethereum market.

The key level we are watching is the Neckline Region of the pattern. We want to see the Ethereum price break through this key level and close above it come next week.

A price breakout like this would confirm the start of the rally and our potential 12% bullish surge to the $4,585 price target for the pattern.

Ethereum Bullish Reversal Pattern Still Playing Out! What Next?
Ethereum Bullish Reversal Pattern Still Playing Out! What Next? Watch this Ethereum 12% bullish target on the 1-hour timeframe

Final Verdict!

Ethereum is currently showing signs that it wants to reverse and begin heading higher in the coming days. However, for this bullish reversal to be confirmed, the ETH price must break through and close above the neckline region of the inverse head and shoulder pattern playing out on the 1-hour timeframe.

Until this bullish confirmation is achieved, there is still a very high probability that the Ethereum price might just continue to sell off in the coming days. This makes the Neckline Region the most important level to watch out for on the ETH chart.

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