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In our previous Ethereum analysis ETH Bullish Price Scenario! Push To $2,014? we broke down why Ethereum was now looking and the key patterns we are currently watching.
One of the key patterns we mentioned is the Double Bottom Pattern currently forming in the 4-hour timeframe. The Double Bottom Pattern is a very high-quality reversal pattern used by professionals to track changes in the trend of an asset.
The image below is what a typical looking Double Bottom should look like, and we can already see a lot of similarities between this image and what is currently playing out in the ETH 4-hour timeframe
In this ETH analysis, we will be talking about the key levels we are currently watching as well as the next resistance the ETH bulls is about to face in the coming days.
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What Is Ethereum Doing Right Now?
Well right now, the Ethereum price is beginning to pick up bullish momentum to the upside. And we expect to see this bullish rally push the Altcoin price to the $2,014 previous resistance in the coming days.
This is exactly like the image example of the Double Bottom pattern with the Left and Right bottoms already formed. What we expect to see now is that rally to the resistance and then a possible bullish break out through that $2,014 key level.
However, there are other key levels we should be keeping a close eye on in the coming days. And one of them is the $1,690 price level in the 4-hour timeframe.
ETH $1,690 Key Level
The first key level the ETH price would be testing in this potential rally to $2,014 is the $1,690 resistance that is just up ahead.
The ETH bulls will need to break through this initial resistance for the bullish rally to continue. We will be keeping a close eye on this level to see how Ethereum reacts to it as the Altcoin gets closer to this level in the coming days.
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In Other News…
Big Players Accumulating Ethereum in Anticipation of the Shanghai hard fork
The Ethereum network is about to get a massive upgrade! This upgrade is currently being called the “Shanghai upgrade” and it will finally enable withdrawals from Ethereum staking contracts, which are locked presently.
Ethereum speculators/enthusiasts are expecting this upgrade to inject massive liquidity into the Ethereum market and possibly push the Altcoin price as well as the price of various projects/tokens on the Ethereum network very high!
The Shanghai upgrade is set to occur on March 2023 and will provide an opportunity for liquidity staking protocols to grow while reducing the risk of staking ETH.
The hype buildup has already seen the governance tokens of some of these protocols jumping higher in value since the start of the new year.
For a full breakdown of what crypto staking is and how to go about it, check out our detailed article on the topic Top Crypto Staking Platforms
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