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In our previous Ethereum analysis Urgent: Bullish Prediction On Ethereum! Watch This, we identified a key bullish pattern forming in the 15 minutes timeframe. This Inverse Head and Shoulders Pattern indicated that we might see a massive surge in the Ethereum price soon!
Well, that bullish prediction is still playing out! Right now, the Ethereum price is currently retesting minor support and building momentum for a potential rally to the upside in the coming days.
In this Ethereum analysis, we will be talking about this bullish build-up as well as the key support the Ethereum bulls must hold if this Inverse head and shoulders pattern is to remain valid!
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Ethereum Building Up Momentum!
The Ethereum price is currently ranging around that breakout region in the 15 minutes timeframe. This range might be a result of the low trading volume usually experienced during the weekends for cryptocurrencies.
So in the coming days, we expect to see more bullish momentum come into the market and begin pushing the Altcoin higher. A push like this is the exact confirmation we need to indicate the Inverse Head and Shoulders pattern is playing out.
The Most Important Key Support For Ethereum
The most important support for the ETH bulls right now is the Ethereum 15 minutes previous lows of $1,260. This Inverse Head and Shoulders Pattern can only remain valid if the Ethereum $1,260 key support continues to hold until our bullish target for the pattern is smashed.
If the price breaks through this $1,260 level, there is a very high probability that we might just see sellers take back control of the market and push the Altcoin lower.
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