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The double bottom pattern is a very high-quality bullish reversal pattern that indicates when a price sell-off might be coming to an end. And right now, Ethereum is forming this bullish reversal pattern at a very key support level on the 1-hour timeframe.
If this pattern plays out, there is a very high probability that we might see a massive rally in the Ethereum price very soon!
In this ETH analysis, we will be talking about the key levels we are watching as well as the most important key support that needs to hold for this double bottom bullish reversal pattern to remain valid!
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Ethereum Double Bottom Pattern!
This double bottom pattern as played out before on the Ethereum price chart and we saw the bullish rally that followed it. And right now, this new double bottom pattern is forming exactly at the same region the previous one formed.
This price confluence increases the importance of this $3,890 horizontal key support currently holding the Ethereum price on the 1-hour timeframe.
For this Ethereum bullish prediction to remain valid, the ETH price must respect and continue to trade above this $3,890 key support on the 1-hour timeframe.
A break below this 1-hour support only invalidates this double bottom pattern and points to a higher likely hood of price selling off more steeply in the coming days.
Ethereum Pattern Confirmation!
The confirmation we need for the double bottom pattern is a price break and close above the neckline region on the 1-hour timeframe. Until the Ethereum price breaks through this region, we are going to stand aside and wait.
And the main reason for waiting is because, until the neckline is broken the ETH double bottom pattern is not completed yet!
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