ETH Inverse Head and Shoulders Pattern Playing Out Exactly! Can Price Break Through This Neckline?
In our previous Ethereum analysis, Ethereum Inverse Head and Shoulders Pattern Indicates Bullish Move Ahead!, we identified a key bullish reversal pattern that was playing out in the 1-hour timeframe and what it meant for prices.
We also broke down how this pattern could signal the start of a much larger rally for the ETH price, and the bullish confirmation we were waiting to see play out.
Well, fast forward 24 hours later, and this Inverse head and shoulders pattern is still playing out exactly as we predicted. However, we just have one thing left for the prices to do to confirm the start of the rally higher. And that last thing is a bullish breakout above the Neckline Resistance in the 1-hour timeframe.
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
Claim up to $4450 in Bonus
Why Is This Neckline So Important?
The Neckline resistance is very important for the bulls because this is where the Ethereum bears are currently sitting. And as far as the ETH price continues to trade below this key resistance, there is a very high probability that we might just see more sellers come in and push the Altcoin prices lower in the coming days.
This is why it is important for the bulls to take out this key resistance if they want to see the Ethereum price keep on pushing higher in the coming days!
The Ethereum price is currently testing a key resistance in the 1-hour timeframe. This Neckline region is the last level the bulls need to break through to confirm the completion of the inverse head and shoulders pattern the price is currently forming in the 1-hour timeframe.
Until this resistance is broken, we will stand aside and wait for the Ethereum big buyers to come in and make a move.
Claim up to $4450 in Bonus
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
Recommended Bitcoin Trading Platforms: