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In our previous Ethereum analysis ETH Potential Inverse Head And Shoulders Pattern Forming Right Now!, we identified a key pattern forming in the ETH 15 minutes timeframe and then made a bullish prediction based on that pattern.
Well about 24 hours later, the price as barely moved up, making us wonder if this pattern is still valid or does Ethereum want to do something else.
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What Is Ethereum Up to Now?
At the time of publishing this TA, the Ethereum price already sold off a bit but the Head and Shoulders Pattern is still valid and looks like the image above.
This pattern is still very valid and will remain valid as far as the Ethereum price continues to trade above the $1,266 previous lows.
This $1,266 previous low is the price level the ETH bears must push the Altcoin below if they want to invalidate this inverse head and shoulder pattern and increase the potential for it to see a sell-off in the coming days.
As far as the Ethereum price continues to trade above this key price level, the pattern remains valid and our bullish prediction for Ethereum remains valid!
So What Now?
We are still very bullish on Ethereum and believe there is a very high probability that we might see the Altcoin rally higher in the coming days.
If this Inverse Head and Shoulders pattern plays out exactly, we might see this rally push the Altcoin price to the $1,412 price level in the coming days.
So the question now is will the bulls begin to come into the market or will Ethereum crash and break below the $1,266 previous lows to invalidate this bullish prediction in the coming days?
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