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In our previous Ethereum analysis ETH Short Term Analysis: Inverse Head and Shoulders Pattern Forming On The 1-hour Timeframe, we talked about the key Inverse Head and Shoulders Pattern currently forming on the ETH 1-hour timeframe.
This Inverse Head and Shoulders Pattern is a bullish reversal pattern that indicates the ETH bulls might be getting ready to come back into the market and push the Altcoin price higher soon!
However, there is a key level that is still yet to be broken. This key level is the Neckline Region/ the major resistance the ETH bulls must break through to confirm the start of the bullish rally.
We have seen the ETH price test this key level over and over again and failed to cross over! What does this mean for the ETH price and what can we expect next?
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The ETH Bullish Prediction Depends On this Level
This Ethereum key resistance on the 1-hour timeframe is currently the only thing standing in our way for the ETH bullish rally up to the $3,433 price target.
This is a more than 8% surge in value and can only play out once the ETH price breakthroughs this resistance in the 1-hour timeframe. So in the coming days, we will be keeping our eyes on this key level to see if the ETH bulls have the sufficient momentum needed to break through it.
Until that bullish breakthrough happens, it is best to wait on becoming bullish or placing any buy trades on Ethereum.
What Happens If Price fails To Breakthrough?
If Ethereum continues to struggle with this key level and fails to break through it, there is a very high probability that we might just see the ETH sell-off continue in the coming days.
This sell-off has the potential to make new lows and go down as far as it wants. This makes it very important for us to wait for that bullish confirmation before jumping into any buy trades.
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