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In our previous Ethereum analysis Is This ETH Inverse Head and Shoulders Pattern Still Valid? we reconfirmed the validity of the Inverse Head and Shoulders Pattern currently playing out in the 15 minutes timeframe and made a bullish prediction that Ethereum might continue to rally higher in the coming days.
That bullish prediction is currently playing out as we predicted! However, the rally might not be over yet. In This ETH analysis, we will be breaking down the new key levels we are watching.
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What Now For Ethereum?
The Ethereum Inverse Head and Shoulders Pattern is still playing out as predicted. However, the ETH price is still yet to smash our bullish target of $1,412 and in the coming days, Ethereum might continue to push higher.
However, for this bullish prediction to remain valid. Ethereum must respect and continue to trade above the $1,266 lows. This key level is very important because a break below this key support could indicate a bearish move in prices for Ethereum
This makes it very important to the ETH bulls to defend this price level at all costs. So we expect to see more buyers coming from this region to continue pushing Ethereum up.
Final Verdict!
The Ethereum Inverse Head and Shoulders pattern is still very valid! In the coming days, we expect to see the bullish momentum in Ethereum continue to pick up as the Altcoin rallies higher to our bullish target of $1,412.
However, for this bullish prediction to remain valid, the ETH $1,266 support must continue to hold. A price break below this key support could spell doom for Ethereum.
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