Ethereum formed a triple bottom pattern at the $1,750 level as bears had a hard time pushing the price through. At this moment, the market had reversed the bearish momentum after a bullish divergence with the RSI.
Moving forward, the focus sits on the new series of higher highs and higher lows that started after the third bottom. While it holds, the momentum remains constructive for more upside, especially if the market regains the $2,500 level.
A triple bottom pattern is a reversal one. By the time the market is rejected for the third time in a row from the same place, it becomes obvious that the horizontal level is a pivotal one. In this case, the pivotal area is the $1,750, and it should act as an invalidation level for any long trade.
Ethereum Technical Analysis
Bulls have two alternatives for trading Ethereum on the long side here – a conservative and an aggressive one. Conservative bulls may want to wait for the market to reach $2,500 before going on the long side with a stop at $1,750 and a target set by using a risk-reward ratio of 1:2 or 1:3. Aggressive bulls may want to go long at market with the same invalidation and take profit levels.
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Ethereum Price Forecast
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