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Our Ethereum bullish prediction continued to play out today as the price of the Altcoin has broken through the neckline region of the double bottom pattern we have been tracking for a while in previous analysis ETH Potential Double Bottom Pattern Forming At Key Support! and right now is currently testing the ATHs region!
We can clearly see the key resistance this ATH level forms on the ETH 1-hour timeframe. And in this Ethereum analysis, we will be talking about our bullish and bearish bias for Ethereum and how we will be handling this price movement around this key level in the coming days.
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Ethereum Neckline Region!
The Ethereum neckline for the double bottom pattern has played its part in confirming the validity of the bullish reversal pattern on the ETH price and right now, has no new use.
This means we might actually see a price break below this neckline region before surging back up again. However, the key level to watch is the $3,890 key support on the 1-hour timeframe. Ad we will be talking about it in more detail in the section below.
The $3,890 Key Support!
The most important key support for Ethereum right now is the $3,890 key level on the 1-hour timeframe. As far as the ETH price continues to trade above this key support, we will remain bullish on the Ethereum price to make a new ATH.
This level has held the ETH price on numerous occasions and has a very high probability of continuing to do so for the coming weeks or even months.
Ethereum Bullish Prediction!
For the Ethereum bullish prediction, our bullish target is still the $5,245 price region! This is the standard target for the double bottom we have been tracking. And this pattern is still playing out as we speak (You can read all about the double bottom target here Ethereum Double Bottom Pattern Playing Out! Rally To New ATHs?)
The Ethereum price now needs to break this ATHs region to continue this rally higher. Once this ATHs gets broken, this pushes the ETH price into uncharted territory and increases the potential for us to see a massive price surge very soon!
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