Table of Contents
In our previous Ethereum analysis Ethereum Rally Far From Over! Watch This Prediction we made a bullish prediction on Ethereum and also identified the key level the price must respect for this bullish prediction to remain valid.
Well, right now we have seen the Ethereum price sell-off to this key support. However, it is yet to break below it. The question traders are now asking is will this $1,266 key support hold in the coming days?
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $4,450 Bonus and up to 30 days of 0% Maker fee when you sign-up and fund your Bybit account with our Bybit link
Ethereum Testing This $1,266 Key Support
The Ethereum price is currently testing this $1,266 key support in the 15 minutes timeframe. This support is so important because it doubles as the Right Shoulder for the Inverse Head and Shoulders Pattern that was forming in the 15 minutes timeframe.
Price rallied a bit after this Inverse Head and Shoulders pattern was formed, but it didn’t smash our target of $1,412 before selling off again.
This sell-off as now pushed prices down to around the Region of the right shoulder and a price break below this right shoulder could invalidate the pattern and indicate the start of a potential sell-off for ETH in the short term.
Final Verdict!
Ethereum is testing a critical level in the 15 minutes timeframe. Will this $1,266 key support hold or will the bears push prices through it in the coming days?
If Ethereum breaks and closes below this $1,266 key support, this invalidates our bullish prediction on Ethereum. It also invalidates the Inverse Head and Shoulders Pattern that was forming all through the week.
Note: Random losses like this are why we talk about proper risk management when doing Leverage trading. For more information about how to manage risk and, the steps you should take to become a long-term profitable trader check out A Beginners Guide to Crypto Margin Trading
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
