Ethereum Price Prediction Today (7-Nov): ETH Head and Shoulders Pattern Setting Up
In our previous Ethereum analysis ETH Target Smashed! What Now? we identified an Ending Diagonal Pattern that was forming in the ETH 15 minutes timeframe.
This pattern was a bullish reversal pattern and it indicated we might see the ETH price begin to move higher in the coming days. However, for this pattern to be confirmed, we needed to see the Ethereum bulls’ breakthrough and close above the $1,632 key resistance level.
Ethereum tried to break through this resistance level on numerous occasions and failed. Instead, we saw more sellers come into the market to defend this $1,632 key level and even push Ethereum lower as a result.
However, we believe this bearish momentum is currently running out of steam, and sooner or later we can expect to see a price bounce occur. The pattern we will be taking a deeper look at is the Inverse Head and Shoulders pattern currently forming in the 15 minutes timeframe
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Ethereum Inverse Head and Shoulders Pattern
The Inverse head and shoulders pattern is a reversal pattern that helps us time the exact moment the trend of an asset switch from bearish to bullish.
For Ethereum, we expect that to happen very soon! We can already see the Inverse Head and Shoulders pattern playing out and the only bullish confirmation we need right now is a price breakthrough and close above the Neckline Region of the pattern.
A price break through this Neckline Region means the bulls have broken through the mini resistance and are ready to keep pushing the Altcoin price higher in the coming days.
For this Ethereum Head and Shoulders Pattern, we expect to see the Altcoin price rally back up to that $1,632 key resistance in the coming days.
This resistance is important because Ethereum failed to breakthrough it during the weekend and now we might see the bulls try again.
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