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The Ethereum closed the trading day deep in the green today as the price of the Altcoin surged more than 4% in value, finally breaking through the neckline region of the double bottom pattern we talked about in our previous Ethereum analysis Ethereum Double Bottom Pattern Playing Out! Rally To New ATHs?
This price rally confirms our bullish bias on Ethereum and the completion of the double bottom pattern currently forming on the 1-hour timeframe, opening up the way for the ETH price to rally further to new ATHs in the coming days.
In this Ethereum analysis, we will be talking about the key levels to watch, the price target, as well as the invalidation point for this double bottom pattern.
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ETH Rally To New ATHs!
We are currently seeing a picture-perfect double bottom pattern play out on the Ethereum 1-hour timeframe. This pattern points to a coming price rally for ETH with the standard price target at new ATHs.
And with Ethereum finally breaking through the neckline region of this pattern, and giving us a bullish confirmation we now have a valid entry to ride this coming bullish rally in price.
Our bullish price target for this pattern is the $5,245 price region! There is a very high probability that we might see the Ethereum price surge towards this price region very soon!
Key Levels To Watch!
The most important price level for the Ethereum bulls is the $3,890 key support on the 1-hour timeframe. For us to remain bullish on Ethereum and for our double bottom pattern to remain valid, the Ethereum price must respect and continue to trade above this key support on the 1-hour timeframe.
This support is also very important because we have seen it serve as a strong key level for Ethreum on numerous occasions, increasing its importance to the general price structure of the Altcoin.
Final Verdict!
The Ethereum bulls are back in full control of the price and ready to push the Altcoin to new highs. The best way we are looking to take advantage of this coming price rally is through the double bottom pattern currently forming on the 1-hour timeframe.
This pattern is high quality and offers us key levels and the right price targets to watch for in the coming days without guessing if the pattern is still valid or not.
And below we have a typical example of what the completed pattern might look like on the Ethereum price chart in the coming days.
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