Table of Contents
The Ethereum price has been rallying all through the day with the Altcoin finally nearing the confirmation region for the double bottom pattern we talked about in our previous analysis ETH Potential Double Bottom Pattern Forming At Key Support!
For this double bottom pattern to become valid, the Ethereum price needs to break through the neckline region currently forming on the 1-hour timeframe. A break above this key region confirms our bullish bias and points to a more bullish rally in the coming days.
In this Ethereum analysis, we will be talking about the price target to watch for this double bottom pattern currently forming on the 1-hour timeframe.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.
Ethereum Confirmation Region!
The Ethereum price needs to break above the neckline horizontal support for us to get interested in taking this bullish trade higher. The image above is a clear example of what the Ethereum price might look like once we get this bullish breakout and confirmation above the neckline.
The best risk to reward on this type of trade is a 1:1. This means if we go with the standard target for a double bottom pattern we will only make the exact amount we risked on the trade.
Note: 1:1 is the standard target but it does not mean the Ethereum price cannot keep on heading higher after smashing through it.
Ethereum Bullish Target!
Our bullish target for this double bottom pattern is the $5,245 price region! This target would push the ETH price to new ATHs and open up the potential for the Ethereum price to continue rallying higher in the coming weeks.
But for this bullish target to remain valid, the Ethereum price must break through the neckline region and continue to trade above it on the 1-hour timeframe.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
