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Today we saw a huge sell-off in the Ethereum price as the Altcoin gave back most of the gains it made all through last week. However, the big questions are:
Is this Ethereum sell-off a start of something huge to the downside or should we expect to see the Bulls come back into the market and try to stop this move lower?
In this Ethereum analysis, we will be talking about the key support Ethereum must stay above to remain bullish, and the bullish Double Bottom Pattern that is still in play right now.
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The Most Important Key Support For Ethereum!
For the Ethereum price to remain bullish, the Altcoin price needs to respect and continue to trade above the $1,684 key support in the 1-hour timeframe.
This $1,684 support is very important to the ETH bulls because it also serves as weekly support and has been holding the Ethereum prices up since last year.
So a break of this $1,684 key support could be catastrophic to the Ethereum bulls! This makes it the most important key support for Ethereum right now.
What Should We Expect Next?
As far as this $1,684 support holds, there is a very high probability that we might see buying pressure come back into the Ethereum market and push the ETH price higher in the coming days.
The key pattern we are watching to confirm the start of a larger bullish rally in Ethereum is the Double Bottom Pattern currently playing out in the 1-hour timeframe.
Ethereum Double Bottom Pattern
This bullish reversal Pattern is still valid in the 1-hour timeframe, and right now we are waiting to see the price breakthrough and close above the Neckline Region/Previous Highs to confirm the start of the larger move up for Ethereum.
Until this bullish breakout above this Neckline Region occurs, we will stand aside and wait for that confirmation trigger.
Note: For this bullish prediction to remain valid, the Ethereum price must respect and continue to trade above the $1,684 key support in the 1-hour timeframe.
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