Ethereum Testing This Key Support! Will It Hold?

Ethereum Testing This Key Support! Will It Hold?

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October 2, 2022 by secret
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Ethereum price prediction from a previous analysis Ethereum Rally Far From Over! Watch This Prediction In our previous Ethereum analysis Ethereum Rally Far From Over! Watch This Prediction we made a bullish prediction on Ethereum and also identified the key level the price must respect for this bullish prediction to remain valid. Well, right now
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Ethereum price prediction from a previous analysis Ethereum Rally Far From Over! Watch This Prediction

In our previous Ethereum analysis Ethereum Rally Far From Over! Watch This Prediction we made a bullish prediction on Ethereum and also identified the key level the price must respect for this bullish prediction to remain valid.

Well, right now we have seen the Ethereum price sell-off to this key support. However, it is yet to break below it. The question traders are now asking is will this $1,266 key support hold in the coming days?

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Ethereum Testing This $1,266 Key Support

Ethereum Testing This Key Support! Will It Hold? Watch this key level in the 15 minutes timeframe
Ethereum Testing This Key Support! Will It Hold? Watch this key level in the 15 minutes timeframe

The Ethereum price is currently testing this $1,266 key support in the 15 minutes timeframe. This support is so important because it doubles as the Right Shoulder for the Inverse Head and Shoulders Pattern that was forming in the 15 minutes timeframe.

Price rallied a bit after this Inverse Head and Shoulders pattern was formed, but it didn’t smash our target of $1,412 before selling off again.

This sell-off as now pushed prices down to around the Region of the right shoulder and a price break below this right shoulder could invalidate the pattern and indicate the start of a potential sell-off for ETH in the short term.

Ethereum Testing This Key Support! Will It Hold? Watch this key level in the 15 minutes timeframe
Ethereum Testing This Key Support! Will It Hold? Watch this key level in the 15 minutes timeframe

Final Verdict!

Ethereum is testing a critical level in the 15 minutes timeframe. Will this $1,266 key support hold or will the bears push prices through it in the coming days?

If Ethereum breaks and closes below this $1,266 key support, this invalidates our bullish prediction on Ethereum. It also invalidates the Inverse Head and Shoulders Pattern that was forming all through the week.

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