Ethereum bulls are fighting back in full force with the price of the Altcoin reversing and surging more than 12% in a matter of hours. This bullish rally invalidates the bearish pennant pattern we have been tracking on the Ethereum 15 minutes chat ETH Forming Bearish Pennant Pattern! Sell Now?
While the ETH bearish dump played exactly as we predicted, crashing below the base channel of the bearish pennant pattern, the price of the Altcoin never actually got to our bearish target of $2,500 before reversing!
Is Ethereum Still Bearish?
The sudden reversal we saw in price pushed Ethereum above various key resistance levels in the 15 minutes timeframe and into bullish territories.
This means the Ethereum sell-off might actually be over, and there is a very high probability that we might see more bullish price action play out in the coming days.
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What Next For Ethereum?
We believe the Ethereum price is firmly back in the bullish teritory. However, we do expect to see a price pullback soon as we believe this bullish rally might be over-extended.
The key levels to watch are that two previous resistance now turned support in the 15 minutes timeframe.
For us to remain bullish on Ethereum, the price needs to continue trading above at least one of these horizontal supports.
Double Pattern: More Bullish Confirmation!
Ethereum also formed a double bottom pattern in the 15 minutes timeframe. This bullish pattern increases the validity of our bullish bias for Ethereum in the coming days and points to a change in the trend for the Altcoin price.
The Ethereum trend has reversed and we are now in a bullish market. Ethereum is a double bottom pattern in the 15 minutes timeframe, confirming this change in trend.
But for this bullish rally to remain valid, the Ethereum price needs to keep on trading above the $2,887 key support in the 15 minutes timeframe.
This is the land in the sand for the bulls, a break below this horizontal support invalidates this bullish rally and the double bottom pattern.
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