Ethereum Price Prediction Daily (6-Nov): ETH Target Smashed! What Now?
In our Ethereum previous analysis, Ethereum Resistance Holding Has Predicted! Watch This Head and Shoulders Pattern we identified a key Head and Shoulders Pattern and also predicted there was a very high probability that we might see an Ethereum price sell-off in the coming days.
Well, that bearish prediction has been completed and in this ETH analysis, we will be doing a follow-up and talking about what we believe Ethereum might be up to next in the coming days.
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What Now For Ethereum? Is The Sell-Off Over?
There is a very high probability that the Ethereum sell-off might be coming to an end! We can already see a new pattern forming and this Ending Diagonal Pattern is a very unique reversal pattern that can better help us understand exactly when the Ethereum buyers begin to pour back into the market.
For a better understanding of how the Ending Diagonal Pattern works, the image below is what a completed Ending Diagonal Pattern looks like. This is the type of price action we want to see play out on Ethereum in the coming days.
Key Levels To Watch
For our entry confirmation for this Ending Diagonal Pattern, we want to see the Ethereum price break through and close above the $1,632 mini resistance in the 15 minutes timeframe.
A bullish breakout like this breaks the Lower Low bearish structure Ethereum has been in since it started selling off. It also indicates that the bulls are finally re-entering the ETH market.
Ethereum Bullish Target!
Once the $1,632 key resistance is broken, there is a very high probability for us to see the Ethereum price rally back to the previous highs of $1,663 or even above it in the coming days.
So in the coming days, we will be keeping a close eye on this Ending Diagonal Pattern to see how Ethereum reacts to it.
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