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The Ethereum price is currently forming a massive Inverse Head and Shoulders Pattern in the 1-hour timeframe. This pattern is very important to the ETH price right now because it is a Reversal Pattern, and if it plays out, we might see a massive rally higher in the coming days.
In this Ethereum analysis, we will be breaking down what this Inverse Head and Shoulders pattern means for Ethereum and the key levels we are currently watching.
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Ethereum Inverse Head and Shoulders Pattern
The key pattern we are watching closely is the Inverse Head and Shoulders Pattern currently forming in the 1-hour timeframe. This pattern is a bullish reversal pattern with a standard way to trade it.
For this pattern to be confirmed, the price needs to break through and close above the Neckline Resistance in the 1-hour timeframe. As far as the ETH price continues to trade below this Neckline, we will stand aside and wait for that bullish confirmation to play out in the coming days.
So, we will be keeping a close eye on this Neckline region to see how ETH will react to it. The main event we are waiting for is a bullish breakout above this Neckline resistance to confirm the start of the rally higher.
Final Verdict!
The Ethereum price is setting up for a massive rally higher in the coming days. The key pattern we are keeping a close eye on is the Inverse Head and Shoulders pattern currently playing out in the 1-hour timeframe.
This is a bullish reversal pattern and it is a strong indicator that the ETH sell-off might be coming to an end.
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