The Ethereum price is currently forming a bullish reversal pattern in the 15 minutes timeframe. This pattern is an Inverse Head and Shoulders Pattern. And if it plays out, there is a very high probability that we might see a price surge back up to the $1,500 region in the coming days.

In this Ethereum analysis, we will be breaking down this key Inverse Head and Shoulders Pattern as well as the key levels we are currently watching.

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Ethereum Inverse Head and Shoulders Pattern

This 15 minutes pattern is still yet to be completed. We need to see a price break and close above that Neckline Region at $1,281 to confirm the start of the bullish rally back up.

Until a breakout above this$1,281 resistance occurs, there is a very high probability for the pattern to be invalidated and for us to see the Altcoin resume its sell-off from that key resistance (Neckline Region) in the coming days.

This makes it very important to wait for that bullish confirmation before looking for any buy entry on the Altcoin.

Ethereum Bullish Target!

The bullish target for a bullish move like this is a price surge back up to the $1,500 price region in the coming days.

This is a more than 15% surge in the value of Bitcoin and has a very high probability of playing out in the coming days. But first, the Ethereum price will need to break through and close above that Neckline resistance in the 15 minutes timeframe to confirm this bullish bias in Ethereum.

Until that break above the $1,281 resistance happens, we will stand aside and wait for that confirmation to occur.

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