Ethereum just formed a bullish Double Bottom Pattern around a key level in the 15 minutes timeframe. This indicates more buying pressure is likely to come into the ET
In this ETH analysis, we will be talking about this pattern, the key level it is trading at as well as our bullish bias for Ethereum in the coming days.
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Ethereum Bullish Double Bottom Pattern!
The double bottom pattern is a bullish pattern that offers us a deeper insight into what the Ethereum price is doing right now. If this pattern plays out, we can expect to see Ethereum continue to rally higher in the coming days.
Ethereum has already confirmed the start of the rally by breaking through and retesting the previous highs of the double bottom pattern, indicating the end of the ranging market.
ETH Key Levels
The key level we are watching is the $3,841 horizontal support in the 15 minutes timeframe. We have seen this level hold the Ethereum price on numerous occasions and it might continue to do so in the coming days.
The double bottom pattern also formed at this horizontal support, increasing the importance of holding this price level for the Ethereum bulls.
For Ethereum to remain bullish, the price must continue trading above this $3,841 support in the 15 minutes timeframe!
Ethereum is trading at a key level in the 15 minutes timeframe. This key level is the $3,841 horizontal support.
As far as ETH the price stays above this $3,841 support in the 15 minutes timeframe, we can expect to see the Altcoin continue to rally in the coming days.
However, a break below this $3,841 support puts an end to this Ethereum bullish rally and points to more sell-off in the Altcoin price.
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The Ethereum price is still holding the $3,841 key support region